Samsung Vice Chairman Jay Y. Lee Released from Prison
Following a suspension of his bribery sentence, Samsung vice chairman and company heir Jay Y. Lee has been released from prison.
Lee’s father is the chairman of Samsung, and he was previously sentenced to five years for charges including bribery, embezzlement, capital flight, and perjury. On appeal, his sentence was reduced to 2.5 years, allowing him to leave on a four-year probation according to Bloomberg (https://www.bloomberg.com/news/articles/2018-02-05/samsung-heir-jay-y-lee-goes-free-after-court-suspends-jail-term?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social).
Lee was first arrested in February 2017 and spent close to a year in custody. Despite his absence, Samsung has continued to post record financial returns, including an all-time high $69 billion in revenue for its chip division in 2017 (https://techcrunch.com/2018/01/30/samsung-intel-worlds-largest-chipmaker/).
The executive was arrested on allegations of paying bribes to an advisor of former President Park Geun-hye in exchange for political favors aimed at solidifying his position within Samsung Electronics. According to the New York Times (https://www.nytimes.com/2017/02/16/world/asia/korea-samsung-lee-jae-yong.html?smid=tw-nytimes&smtyp=cur&_r=1&referer=https://t.co/SKmPqJMPsN), Lee is said to have given a total of $36 million in bribes to Park’s secret advisor to win government support for a merger between two Samsung subsidiaries.
The case against Lee was part of a larger corruption scandal involving the Korean President, which resulted in her impeachment and removal from office.
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