Samsung heir Lee Jae-yong gets five years for corruption

26 August, 2017, 01:20 | Author: Celia Hoffman
  • Seoul court to decide fate of Samsung's de facto leader

Lee has been accused of bribery in the same scandal that led to the departure of Park, and had been arrested in February on corruption charges.

The prosecution team were succesful in presenting enough evidence to prove that Lee along other Samsung officials bribed the government for meeting their personal and official needs.

Lee, who was considered the heir to his father's position as chairman of Samsung, is expected to appeal the court decision. Lee, in return, was expecting political favours including the merger of two Samsung affiliated businesses that would have reportedly increased his strength within the company in 2015. His lawyer said they would appeal immediately.

After the scandal was unearthed, he was facing multiple charges, including bribery, misappropriation and perjury, centred on payments and promises by Samsung totalling 43.3 billion to ousted president's aide Choi Soon-Sil.

South Korea's new president, Moon Jae-in, who replaced the Park after a May 9 election, has pledged to rein in the chaebols, empower minority shareholders and end the practice of pardoning corporate tycoons convicted of white-collar crime. Park was impeached back in May for her involvement.

Bomber, gunmen attack Shia Imam Zaman mosque in Kabul
The summer fighting season in Afghanistan has seen relentless Taliban attacks as the insurgents battle to expand their footprint. A blast was reportedly followed by gunfire as worshipers gathered for Friday prayers at the mosque in Qala-Najara.


Trump Returns to Arizona Amid Political Chaos
Lines said he doesn't know whether Trump will pardon Arpaio and won't speculate. Trump but not to attend the rally , according to the Arizona Republic .


The Sims 4 gets Cats & Dogs expansion - The Sims Mobile due 'soon'
The all new create a pet tool will allow for whatever pet one's heart desires look at the pets below and it will make sense. The expansion will also add a variety of clothing and accessories for pets - a first for The Sims series.


Lee was sentenced to five years in prison Friday - a shorter term than prosecutors sought in the so-called "trial of the century". However, since his father, Lee Kun-hee, suffered a heart attack, it's been generally assumed that Jae-yong had been calling the shots at Samsung.

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

The bribes relate to a wider scandal that had shaken South Korean society and saw the ouster of former president President Park Geun-Hye, who is also on trial.

A court in South Korea found Lee Jae-yong guilty of bribery, a verdict that could prove damaging to the company's global reputation. "They also embezzled money from Samsung Electronics, illegally transferred assets overseas and concealed criminal profits". It's worth noting that the Samsung conglomerate is involved not just in electronics, but also in shipping, medicine and many other industries.

The ruling leaves a leadership void at Samsung, whose shares fell by 1 percent within hours of the verdict, the BBC reported.

Recommended:



Popular

Whole Foods Prices Will Drop Next Week After its Purchase by Amazon
Amazon will pay $42 per Whole Foods share, an 18-percent premium from its price the day before the tie-up was announced June 16. This should be a warning shot to the grocery industry that has been dominated by other companies such as Kroger and Walmart.

Weather boss steps down as Macau struggles to recover from typhoon
In Hong Kong, airports and terminals on Thursday were working to clear the backlog caused by the storm. More than 120 people were injured as the city was lashed by hurricane winds and pounding rain.

One week in, Trump says he'll 'probably' cancel NAFTA
The Canada-U.S. two-year bond spread stood at -5.3 basis points, while the 10-year spread stood at -28.8 basis points. I personally don't think you can make a deal without termination but we'll see what happens.

Rocket League for Switch has Super Mario and Metroid-themed Battle-Cars
The Battle-Cars will be available as special unlockables when the game is launched on the Nintendo Switch this winter. Each of the aforementioned cars will be coming this holiday 2017.

DOJ Drops IP Log Request for Anti-Trump Protest Site
DreamHost's challenge, however, was met with a DOJ motion "asking for an order to compel DreamHost to produce the records". Like most technology companies, DreamHost receives numerous requests for information from law enforcement each year.

Dwyane Wade Has Enrolled His Children In South Florida Schools Again
Wade did this the Bulls chose to trade his co-pilot Jimmy Butler to the Minnesota Timberwolves. But, along with Hassan Whiteside, that's four non-All-Stars who need the ball to be effective.

Thousands rally for anti-racism march in Boston
Following public outrage at his tempered response he finally made a statement denouncing white supremacists and Nazis. Officials estimated that the turnout came to about 40,000 demonstrators.

Man City star Samir Nasri lands in Turkey ahead of move
Guardiola made a decision to take Nasri on the club's pre-season tour of America last month to put him in the shop window. The 30-year-old played last season on loan at Spanish club Sevilla , helping them to finish fourth in the La Liga table.

Did VK Sasikala walk out Bengaluru Prison? Video raises questions
Sasikala's sister in-law Elavarsi, who was also convicted and sentenced, was also seen walking behind her with a handbag. She had levelled the charges in a report to her superior, DGP (Prisons) H S Sathyanarayana Rao.

What will the weather be for today's solar eclipse?
Monday night, there is an 80 percent chance of showers and thunderstorms, mainly after 7 p.m., according to the weather service. Some lingering debris clouds from overnight storms in northern in should continue to dissipate as we head through the morning.