Court in Seoul sentenced the de facto head of Samsung Group and Vice President of Samsung Electronics Lee Jae-yong to 2.5 years in prison on corruption case. This was reported by Reuters on Monday, January 18.
It is noted that the billionaire will be suspended from making important decisions at the company, which seeks to overtake its competitors, as well as from overseeing the succession process, which began after the death of company chairman Lee Gong-hee in October 2020.
It is also emphasized that the year that the Samsung Group executive has already spent in prison will count toward the new term.
In 2017, Lee was found guilty of bribing Choi Soon-sil, who was a close friend of former South Korean President Park Geun-hye, and sent to prison for five years, the agency recalled.
In February 2018, however, the court decided to commute the sentence, and Lee Jae-yeon was released. The following year, the Samsung Electronics vice president’s case was sent for retrial.
In 2018, Park Geun-hye was sentenced to 30 years in prison and a fine of about $17 million for abuse of power and misuse of funds. In 2019, the Supreme Court sent the case for retrial, after which the Seoul High Court reduced the prison term to 20 years in July 2020.