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samsung vice chairman jay y. lee sent back to prison in bribery case

AVATAR Catherine Shu
Catherine Shu
Senior Reporter, TechCrunch
January 18, 2021
samsung vice chairman jay y. lee sent back to prison in bribery case

Jay Y. Lee, the vice chairman of Samsung Electronics, has returned to prison after a new trial concerning his 2017 bribery conviction – a case significantly contributing to the removal of former South Korean President Park Geun-hye from office. The Seoul High Court delivered a sentence of 30 months to Lee on Monday.

Lee had previously been found guilty of bribery in 2017, receiving an initial five-year sentence. He was granted release in 2018 when the sentence was lessened and suspended following an appeal. However, in August 2019, South Korea’s Supreme Court rejected the appeals court’s decision, deeming it insufficiently severe and mandated a retrial of the case.

Following the passing of his father, Lee Kun-hee, in October 2020, Lee was anticipated to assume the position of chairman at Samsung. He had effectively functioned as the company’s leader since his father’s stroke in 2014. With Lee’s sentencing announced today, the future leadership and management of his responsibilities within Samsung remains uncertain.

The accusations against Lee centered on providing bribes to Park in exchange for assistance with business arrangements designed to facilitate his succession to control of Samsung from his father. These illicit payments were a key element in the corruption scandal that resulted in Park’s impeachment, subsequent arrest, and a 25-year prison term.

This bribery case is distinct from another legal matter involving Lee, which concerns alleged accounting irregularities and manipulation of stock prices. Court proceedings related to these charges commenced in October.

TechCrunch has reached out to Samsung for a statement.

#Jay Y. Lee#Samsung#bribery#prison#South Korea#Lee Jae-yong

Catherine Shu

Catherine Shu is a journalist who previously reported on startups throughout Asia and delivered timely news updates for TechCrunch. Her journalistic work has also been featured in prominent publications such as the New York Times, the Taipei Times, Barron’s, the Wall Street Journal, and the Village Voice. She received her education at Sarah Lawrence College and further honed her skills at the Columbia Graduate School of Journalism. Disclosures: None
Catherine Shu