The leader of Samsung Jay Y. Lee was pardoned by the President of South Korea

The Samsung Electronics Vice Chairman Jay Y. Lee was granted a presidential pardon on Friday, allowing him to take control of the company.

Samsung's de facto leader Lee was released from prison in August 2021, after serving a two-and-a-half-year sentence on bribery, perjury, and embezzlement charges. The pardon, granted by Korean President Yoon Suk-yeol, comes amid worries of global inflation and continuing supply chain concerns following China's zero-tolerance policy regarding COVID-19.

Samsung Electronics Vice Chairman Lee Jae-yong, whose prison term was revoked recently, will be reinstated in a bid to revitalize the economy and overcome the financial crisis, according to reports from Bloomberg.

Samsung vice chairman Lee has been named as a suspect. He had served as the de facto head of Samsung since his father, Lee Kun-Hee, suffered a heart attack in 2014. In 2017, he was charged with bribery and faced up to 12 years in prison. The impeachment of former South Korean president Park Geun-hye stemmed from a corruption scandal that implicated Mr. Lee.

He could not work for five years because he had always denied the charges in court, and under Korean law, he would be unable to leave the country. However, according to reports, the department has the ability to grant exemptions.

Following the COVID-19 epidemic, China's zero-tolerance policy has resulted in lockdown downs in some of the country's most populous cities, as well as manufacturing restrictions across the sector.

Source: www.cnet.com