Vice President of Samsung Electronics and the main heir of Samsung Group Lee Jae-yong, who in fact controls the conglomerate, received two years and six months in prison for bribery, reports Yonhap news agency with reference to the court decision.
Seoul’s High Court has sentenced Samsung’s chief heir to two-and-a-half years in prison for bribing the authorities to consolidate his power in the conglomerate. Lee Jae-yong was taken into custody in the courtroom.
Former Samsung Chairman Lee Kun-hee died on October 25, 2020, at Samsung Hospital in Seoul; the inheritance transfer may take several years. In 2014, Lee Kun-hee suffered a heart attack, after which control of the corporation, in fact, passed to his son and vice-president of the group’s subsidiary, Samsung Electronics, 52-year-old Lee Jae-yong.
South Korean prosecutors accused Lee Jae-yong of engaging in illegal stock fraud and mergers within the conglomerate to gain control of the conglomerate in 2014. In the process, he paid a bribe of 8.9 billion won (about eight million dollars) to a close friend of former President Park Geun-hye in exchange for the government’s support for the merger of several Samsung subsidiaries.
“The defendant succumbed to the demands of former President Park Geun-hye and actively gave a bribe, for the sake of obtaining power from his father, he indirectly expressed an immoral request to use the power of the president,” the court said.