Samsung Heir Faces Five Charges

Samsung Heir Faces Five Charges

Samsung Heir Faces Five Charges

Lee was found guilty of bribery, embezzlement, perjury and other charges centred on payments and promises by Samsung totalling 43.3 billion won (around $40 million) to Park's secret confidante Choi Soon-Sil.

Lee Jae-yong was spared the 12-year term demanded by prosecutors, where his sentence is said to be the longest given to any South Korean chaebol leader. Prosecutors claimed that Mr Lee's donations secured government support for large restricting of Samsung, which would strengthen Mr Lee's over all control of the company.

The bribes were paid in anticipation for government favors in the controversial 2015 merger of two Samsung units seen as crucial to the father-to-son power transfer of the Samsung family. Lee has been sentenced to five years in prison, and the future of leadership at Samsung is now in question. After months of legal battles and courtroom drama, Samsung Vice Chairman and grandson of Samsung founder, Jay Y. Lee has been jailed for a term of five years as the allegations against him were proved.

"As a lawyer I can not possibly agree with the juridical decisions and acknowledged facts involved in the verdict", Samsung attorney Song Woo-cheo said outside the court. He was also found guilty of concealing assets overseas, perjury and embezzlement, though he denied all wrongdoing throughout his trial.

Lee is South Korea's third- richest man and direct heir to the global electronics maker Samsung. Although it is unclear what changes will be brought about in Samsung's management, the business has been largely unaffected since Lee's arrest in February, posting record profits of 11 trillion won in the last quarter.

The verdict sends the strongest message yet to South Korea's big, family-controlled businesses that their more than 60 years of economic dominance in one of the world's most successful economies is under threat. Following sufficient evidence found, the South Korean President was also caught red handed in the act.

Mr Lee, choking back tears at times, testified that he knew little about Samsung affiliates other than the electronics business, and that he wasn't part of the approval or decision-making process. Park is facing her own corruption trial, with a ruling expected later this year. However, three judges at the South-Korean court in Seoul convicted the Samsung heir on Friday.

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