SEOUL – The de facto chief of South Korea’s Samsung business empire will “humbly accept” the court ruling that sentenced him to 2.5 years in prison for corruption, and will not appeal, said his lawyer today.
Lee Jae-yong, vice-chairman of Samsung Electronics, the world’s biggest smartphone and memory chip maker, was found guilty of bribery and embezzlement in connection with the scandal that brought down former president Park Geun-hye.
The Seoul central district court jailed him in a retrial last week, the latest step in a long-running legal process that has hung over Samsung for years.
But, the decision to not appeal could mean that Samsung is looking to draw a line under the issue: with time already served, Jae-yong will be eligible for parole as soon as September – as long as prosecutors do not successfully appeal for a longer sentence.
“Vice-chairman Lee will humbly accept the ruling and has decided not to appeal,” said his lawyer, Lee In-jae, in a statement.
The 52-year-old was first jailed for five years in 2017, after Park’s ouster.
He walked free the following year when an appeals court dismissed most of his bribery convictions and gave him a suspended sentence, but the Supreme Court later ordered him to face a retrial.
Given that Jae-yong has served around a year in prison, he is due for release in July 2022, even without parole, a presidential pardon or a commutation.
Samsung is by far the biggest of the family-controlled conglomerates, or “chaebols”, that dominate business in the world’s 12th-largest economy.
Its overall turnover is equivalent to a fifth of the national gross domestic product, and it is crucial to South Korea’s economic health.
Experts have warned that a prolonged leadership vacuum could hamper its decision-making on future large-scale investments of the kind that have been key to its rise. – AFP, January 25, 2021
