Released from prison, Lee Jae Young once again apologized for what he had done
Lee Jae Young, vice president and de facto head of the South Korean business empire Samsung Group, who served time for bribing officials, was released on Friday under an obligation to comply with a number of restrictions.
In January of this year, the court sentenced him to two and a half years in prison, of which he served 207 days.
According to the indictment, he donated 43 billion won ($ 37.7 million) to two charitable foundations headed by Choi Sun Sil, a close friend of former South Korean President Park Geun-hye, in exchange for political support. The court found him guilty of bribery, embezzlement and concealment of criminally acquired income.
Park Geun-hye, who led the state from 2013-2017, was impeached after massive protests and is now serving a 20-year sentence for bribery and abuse of office.
“I caused people a lot of trouble, I deeply apologize,” Li Jae Young, 53, told reporters at the prison gate. “.
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It's about the economy
Conditions for early release include a five-year ban on doing business and traveling abroad without permission from the authorities, but observers are confident that an exception will be made for Lee Jae Young.
The formal basis was the 76th anniversary of Korea's liberation from Japanese occupation, celebrated on August 14, but the Ministry of Justice does not hide that the decision was based on economic reasons.
Samsung Group produces 20% of South Korea's GDP. So strategically important. it is undesirable to leave the corporation without leadership, especially during the recession caused by the Covid-19 pandemic.
The decision was criticized by human rights activists and anti-corruption fighters.
South Korean President Moon Jae-in, promising to eradicate the dubious ties between big business and the state when taking office, made a special statement.
“We know there are different opinions about Lee Jae Young's early release. Those who oppose have their own truth. On the other hand, many have called for his release during the current dire crisis, hoping that he will help the country with production semiconductors and vaccines, “the president said in a statement.
The American Chamber of Commerce said that the release of Lee Jae Young would help overcome the global shortage of computer chips.
Another case is being investigated against the “Crown Prince Samsung” concerning illegal manipulation of the company's shares on the stock exchange. In theory, his re-arrest and even a new prison term are not excluded.
“Money family”
Samsung Group is a family business. Such companies, which also include Daewoo, Hyundai and Goldstar, are called chaebols in South Korea, which translates as “money family”.
Samsung was founded in 1938 by Lee Jae Young's grandfather Lee Byung Chol. The name means “three stars” in Korean because Lee Byung Chol had three sons.
The youngest of them, Lee Jae Young's father Lee Chi Gong, inherited the business in 1987. He made Samsung one of the world's leading tech leaders, but he was also charged with wrongdoing.
On October 25, 2020, Lee Hee Gon passed away from a heart attack. The election of a new Samsung president was not held, as the only candidate for the post, Lee Jae Young, was on trial and in custody.
Lee Jae Young has effectively run the company since 2014. The heir's personal fortune is estimated at $ 5 billion, making him the third richest person in South Korea.
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