Lee Jae-Yong Samsung heir proved guilty by the court, he was charge for bribery , perjury and other crimes and has been sentenced for five years jail.
Lee, 49, the vice-chairman of Samsung Electronics, the world’s largest smartphone maker was convicted by the Seoul Central District Court on Friday, the offence recorded were related to embezzlement and perjury stemming from the scandal, centred on payments and promises by Samsung around $40 million to Park’s secret confidante Choi Soon-Sil, that brought down ousted president Park Geun-Hye.
Lee Jae-Yong is the son of the Samsung Electronics, the world’s largest smartphone maker Lee Kun-Hee, he was been groomed his entire life to take charge of the giant conglomerate founded by his grandfather in 1928. As of view Samsung is largest of the chaebols, its one of the Asia’s fourth largest firm, where some South Koreans self-mockingly dub the “Republic of Samsung”. The company turnover is equivalent to the fifth of the national GDP, and also had close connections with political authorities.
Due to this conviction Lee Jae Yong the giant firm will suffer a everlasting damage and might also cause a slow down the ability to construct key investment decision.
12 years jail, for Lee Jae-Yong was demanded by the prosecutors. Samsung Electronics vice-chairman stepped from a bus of justice ministry, he was handcuffed with white rope , covered with his dark jacket, while carrying an envelope of documents while walking into Seoul Central District Court.
Prosecutors claimed that the money was in return for policy favours, where government support was also included for Lee’s family succession at the group, subsequent to his father suffered heart attack and got bedridden back in 2014.
The defence lawyer stated the donations were given due to duress from Park, and while Lee wasn’t aware nor approved them.
The demonstrators who mounted giant candlelit protests against Park last year also targeted Lee and other chiefs of the chaebols, as the family-controlled conglomerates that dominate Asia’s fourth-largest economy are known.
Approximately 800 riot police surrounded the Seoul Central District Court in order to maintain law and order and prevent any unusual clashes between rival sets of demonstrators, according to Yonhap news agency. Live broadcast was not disallowed according to court orders, compared to the legal Court’s ruling on Park’s impeachment in March.
Hundreds of applications were received, for the 30 seats in courtroom, in which 417 were available to the members of the public, and which were allocated by lottery.
In May, Park’s own trial begun, and Lee’s father Lee Kun-Hee convicted of tax and other offences back in 2008, resulted as a suspended sentence.