South Korean court gives Samsung heir prison term over bribery

Lee Jae-yong, the billionaire Samsung heir has been sentenced to two and a half years and ordered to go back to prison by a court in South Korea.

Corruption Scandal

This sentencing follows his involvement in a corruption scandal in 2016 that led to the impeachment of the then South Korean president and sparked massive street protests.

 

The Seoul high court decided that Lee was guilty of bribing Park Guen-hye, who was South Korean president then, and her close associate to win government support for a merger between two Samsung affiliates. Lee’s lawyers tried to fight the charge by portraying him as a victim of the abuse of presidential power, describing the 2015 deal as part of “normal business activity.”

 

The head of Lee Jae-yong’s defense team, Injae Lee, lamented the court’s decision in the retrial, stating that the “essence of the case is that a former president abused power to infringe upon the freedom and property rights of a private company.”

Implications for Samsung

Injae Lee did not reveal whether they would be appealing the decision or not. Samsung is yet to put out an official statement over the ruling.

 

Lee Jae-yong serves as Samsung Electronics” vice chairman. The company is one of the world’s biggest producers of smartphones and computer chips.

 

As yet, it’s unclear to what degree this indictment is likely to impact Samsung. The last year was typically successful for Samsung, who is one of the biggest beneficiaries of the prolonged trade war between the US and China and the coronavirus pandemic. Samsung’s status as a manufacturer of both parts and finished products also places it in a position of strength.

 

Further, sanctions imposed on China owned Huawei Technologies have severely hampered one of Samsung’s biggest competitors in smartphones, telecommunication equipment and smartphone chips. South Korean President Moon Jae-in has revealed that there are no plans to pardon Park. 

Exploring the Technology Behind Online Betting and Casino Platforms

Online betting and casino platforms have seen a massive surge in popularity in recent years, with millions of players worldwide enjoying a vast array of games and betting options right from their homes. However, have you ever given a thought to the advanced technology that powers these platforms? I... See more

The Science Behind AI Chatbots: Exploring Their Role in Boosting Work Productivity

In a world where technology is rapidly advancing, artificial intelligence (AI) has become an essential part of boosting work productivity. AI chatbots, in particular, have emerged as significant assets in the workplace due to their efficiency and ability to streamline tasks. Having said that, under... See more

How does BOTNATION AI use artificial intelligence to improve chatbot performance ?

Artificial intelligence plays a crucial role in improving the performance of chatbots, allowing them to understand, interact and respond more effectively to users. BOTNATION AI, an innovative chatbot development platform, integrates artificial intelligence in an advanced way to optimize the performa... See more

What are the advantages of using a GPT Chatbot in business ?

Whether for business or private use, chatbots are nowadays indispensable tools. Thanks to their continuous improvement, they have become quite relevant and offer considerable advantages to users. This is particularly true of the GPT chatbot. This model is winning the hearts of users every day for se... See more

What are the advantages of web hosting in Hong Kong?

Many marketing strategies will help you increase the traffic and the shoppings on your website, but reaching the asian world will surely boost your business. This is why many web owners turn to great cities in Asia, and Hong Kong in particular, likely to affect as many asian customers as possible. H... See more