Published: Tue, February 06, 2018
Industry | By Johnnie Johnson

Court Issues Suspended Sentence for Samsung Heir

Court Issues Suspended Sentence for Samsung Heir

But a higher court on Monday cut the sentence to two and a half years and suspended it for four years. It also found him not guilty of hiding assets overseas. The jailed ex-president is now facing multiple criminal charges. Two other former Samsung officials were also given lower suspended sentences, allowing them to be released from jail.

Samsung Electronics Vice Chairman, Jay Y Lee leaves a court in Seoul February 5, 2018. Samsung Electronics, which last week reported record profits, is the flagship subsidiary of the giant Samsung group, by far the biggest of the family-controlled conglomerates known as chaebols that dominate Asia's fourth- largest economy. "I will take care of my behaviour more meticulously and make my best efforts". "I will be more careful in the future".

Samsung has not commented on Lee's release, nor on whether he will return to his role at the company. He is now on life support in hospital, after suffering a stroke in 2014 and is not expected to recover.

Lee's lawyer, Lee Injae, told reporters that the Samsung vice chairman still plans to appeal his conviction. Former president Park, who denies wrongdoing, is standing trial accused of bribery, abuse of power and coercion.

"I don't think it matters who the president is, the judicial system has its own logic and I think the system is very flawed", said Mike Breen, Seoul-based author of 'The Koreans".

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Business leaders unaccountable; political leaders over-accountable? President Park pardoned Lee in August 2016. The appeals court rejected the lower court's view that corporate succession was one of the issues at stake.

A software engineer working at a Samsung workplace in Suwon, Gyeonggi Province said, "It was nearly a taboo for us to talk about it while in office, so not many are displaying their feelings right now".

Samsung chief Lee Jae-yong leaves the Seoul High Court on Monday.

Even so, the contribution that the chaebol structure makes to Korea's economy and society can not be overstated.

Prosecutors had sought a 12-year jail term for Lee.

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He said various dormant projects like Neelum-Jehlum power plant were being completed with the active support of the federal government.

- Kim Seung-youn, Hanwha Group chairman, was convicted at least twice, once for embezzlement in 2012 for which he was sentenced to four years, and for assault in which he received an 18-month sentence in 2007.

Former United Nations Secretary General Ban Ki-moon has declared that he won't run for South Korea's presidency. In fact, her predicament looks graver than ever.

Investors say Lee will face the daunting tasks of trying to find the right direction for growth and making big investment decisions, although Samsung Electronics, the world's biggest maker of semiconductors and smartphones, performed well with Lee behind bars for the past year.

"Powerful people always win, whether it's business or politics", said Jung Myeong-suk, a 65 year-old security guard said as he was heading to work. Receiving bribes can carry a sentence of life in jail. And Lee Myung-bak is now facing retroactive legal difficulties.

The more lenient ruling surprised many who were expecting a tough stance from the appeal court and many South Koreans took to social media and online news portals to express anger at the ruling and the judge who issued the verdict. Another circus trial has concluded as most believed it would. He was given a suspended three-year prison term.

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"South Korea goes notoriously light on white collar crime", said Geoffrey Cain, the author of a forthcoming book on Samsung.

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