Samsung Electronics vice chairman Jay Y. Lee faces a 9-yr jail expression in the bribery circumstance that contributed to the downfall of previous president Park Guen-hye. Prosecutors argued that the length of the sentence is warranted for the reason that of Samsung’s power as the biggest chaebol, or household-owned conglomerate, in South Korea.
“Samsung is a group with these kinds of mind-boggling electric power that it is mentioned Korean companies are divided into Samsung and non-Samsung,” they stated through a final listening to on Wednesday, studies the Korea Herald. The closing ruling is scheduled for January 18.
The bribery scenario is individual from an additional trial Lee is associated in, in excess of alleged accounting fraud and inventory-price tag manipulation. Hearings in that scenario commenced in Oct.
The bribery scenario dates back again to 2017, when Lee was convicted of bribing Park and her shut affiliate Choi Soon-sil and sentenced to five a long time in jail. Prosecutors allege the bribes were intended to safe authorities backing for Lee’s attempt to inherit manage of Samsung from his father Lee Kun-hee, then its chairman. The illegal payments were being a big section of the corruption scandal that led to Park’s impeachment, arrest and 25-year jail sentence.
Lee was freed in 2018 following the sentence was lessened and suspended on attraction, and returned to function as Samsung’s de facto head, a position he took immediately after his father had a coronary heart assault in 2014.
In August 2019, having said that, the Supreme Court docket overturned the appeals courtroom, ruling that it was much too lenient, and purchased that the situation be retried in Seoul Large Courtroom.
The elder Lee, who was reportedly South Korea’s wealthiest citizen, died in October. He was well worth an approximated $20.7 billion and beneath the country’s tax procedure, and his heirs could be liable for estate taxes of about $10 billion, claimed Fortune.
TechCrunch has contacted Samsung for comment.