Friday, 25 August 2017

Billionaire Samsung heir Lee Jae-yong jailed for five years for corruption

The billionaire heir to the Samsung empire has been sentenced to five years in prison after being convicted of offering bribes to South Korea's former president.
Lee Jae-yong was also found guilty by a panel of three judges of embezzlement, hiding assets overseas, concealing profits from criminal acts and perjury.

The court in Seoul found Lee hoped that bribes to then-president Park Geun-hye and a close friend would secure support for a merger that strengthened his control over the Samsung empire and its flagship Samsung Electronics business.

It marks the downfall for the scion of South Korea's richest family, which controls one of the world's largest consumer electronics companies.

Lee, 49, was accused of offering $38m in bribes to four entities controlled by Choi Soon-sil, a friend of Park.

Payments were said to include $6.4m in supporting the equestrian career of Choi's daughter.

Samsung has not denied transferring funds.

But Lee, vice-chairman at Samsung Electronics and the Samsung founder's grandson, had said he was unaware of the donations, which were overseen by other executives.

One of Lee's lawyers said he would appeal the ruling and that he was confident his client's innocence would be affirmed by a higher court.
The sentencing is the latest episode in a scandal that saw millions of South Koreans protest last autumn, leading Park to be ousted.

SKY        News.

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