Samsung heir jailed for bribery and corruption charges, in what is viewed as a major move by South Korean authorities to clamp down on corporate misbehaviour.
Samsung store in Malaysia. Photo: Samsung Faiz Zaki / Shutterstock.com
A five-year jail term has been passed for Samsung heir Lee Jae-yong, 49—also known as Jay Y Lee—on a number of corruption charges.
Lee was convicted of bribery, embezzlement, perjury, hiding assets abroad and concealing the proceeds of crime. The crimes were committed as part of a plan to secure a merger between Samsung and Cheil Industries, according to reports.
He is said to have paid tens of millions of pounds to a compatriot of then-South Korea president Park Geun-hye, to help make the deal possible. The merger was also thought to help Lee cement his position at the top of the company following his father’s heart attack in 201
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