Samsung Heir Guilty Of Bribery, Sentenced To Five Years Jail

The heir to the Samsung empire was convicted of bribery and other offences Friday and jailed for five years in connection with the scandal that brought down South Korean president Park Geun-Hye. Lee Jae-Yong's penalty could leave the vast conglomerate

SEOUL, , (UrduPoint / Pakistan Point News - 25th Aug, 2017 ) - The heir to the samsung empire was convicted of bribery and other offences Friday and jailed for five years in connection with the scandal that brought down South Korean president Park Geun-Hye.

Lee Jae-Yong's penalty could leave the vast conglomerate, which includes the world's biggest smartphone maker, rudderless and hamper its ability to make key investment decisions for years. The vice-chairman of Samsung Electronics, 49, arrived at Seoul Central District Court on a justice ministry bus handcuffed, bound with white rope around his dark jacket, and carrying an envelope of documents.

Lee was found guilty of bribery, perjury and other charges related to payments Samsung made to Park's secret confidante Choi Soon-Sil. In total 8.9 billion won ($7.9 million) was paid in bribes in return for favours including government support for Lee's hereditary succession at the group after his father was left bedridden by a heart attack in 2014, the court found.

Lee had denied the charges, but presiding judge Kim Jin-Dong said: "He offered bribes in response to strong demands by the president." Four other top Samsung executives were also convicted, with two jailed for up to four years, and the other pair given suspended terms.

Supporters demonstrating outside the court broke down in tears while Lee's lawyers said they would appeal "immediately", with lead attorney Song Wu-Cheol saying he "cannot possibly accept" the court's "interpretation of law and finding of facts".

Samsung is by far the biggest of the chaebols, as the family-controlled conglomerates that dominate Asia's fourth-largest economy are known, with its revenues equivalent to around a fifth of the country's GDP.

But while the economy is still growing, social and economic frustrations have mounted over the benefits not being equally shared and the demonstrators who mounted giant candlelit protests against Park last year also targeted Lee and other chaebol chiefs.

The court was deluged with hundreds of applications for the 30 seats in room 417 available to members of the public, that were allocated by lottery. Park's own trial began in the same room in May, and it also saw Lee's father Lee Kun-Hee convicted of tax and other offences in 2008, receiving a suspended sentence.