Samsung vice president pardoned in South Korea - now he can lead the company again

The president of South Korea has decided to pardon Vice President of Samsung Electronics Lee Jae-yong.

What happened?

In 2017, Lee was found guilty of bribing government officials to support the merger of two Samsung subsidiaries, which would have strengthened his control of the tech giant. He was sentenced to 5 years in prison, but was released just a year later. The South Korean Supreme Court then overturned that decision and ordered a review of the case. In 2021, he was sentenced to 2.5 years in prison in a retrial, but was paroled six months later.

The presidential pardon now allows Lee to return to Samsung's board of directors and travel overseas to close deals. Previously, the terms of his parole prevented him from holding an official position at Samsung, although company executives informed him of the latest developments.

The South Korean government explained the pardon decision this way:

"In an effort to overcome the economic crisis by revitalizing the economy, Samsung Electronics Vice Chairman Lee Jae-young, whose suspended prison sentence recently ended, will be reinstated."

And Justice Minister Han Dong Hoon added:

"Given the urgent need to address the national economic crisis, we have carefully selected economic leaders who are leading the engine of national growth through active investment in technology and job creation, who will be pardoned.”

But it is worth noting that it is not yet clear whether Lee intends to take over Samsung's chairman's post, which has been vacant since his father, Lee Kun-hee, passed away in 2020. The fact is that Lee could still face jail time if found guilty in a separate fraud and securities fraud case. He will continue to attend hearings related to that case.

Source: Engadget
Photo: Zuma Press