Samsung heir released from prison following bribery scandal

Samsung heir freed after jail term is cut for bribing ex-president

Samsung heir freed after jail term is cut for bribing ex-president

Samsung Electronics vice chairman Lee Jae-yong has been freed after his sentence was suspended by the appellate court on Monday.

- Lee Jay-hyun, CJ Group chairman, was sentenced to four years in 2014 for embezzlement, breach of fiduciary duty and tax evasion before that was eventually reduced to two-and-a-half years.

Lee is now on probation for four years.

"This may be a courageous decision by the court to look at solid evidence rather than public opinion". He stood up and looked around with a blank stare after the ruling, and was blushing as he walked out of the courtroom. Both sentences were suspended.

Samsung shares climbed Monday following the suspension of Lee's prison sentence. The sprawling conglomerate has dozens of businesses in insurance, construction, advertising and shipbuilding.

Lee had been in custody since February 2017. Judge Cheong Hyung-sik said that Park "browbeat" the Samsung executives, including Lee, into giving the bribes.

"The news was encouraging for us as we are doing last-minute works to launch the S9 series", said an employee working for the IT & Mobile Communications division at Samsung.

The outrage spread into the streets of Seoul.

Lee's father Lee Kun-Hee went on to build up the tech empire but was convicted of bribery in 1996.

PadMan Challenge accepted by many celebrity
The celebrity who accepts the challenge has to post a picture and then again challenge someone. Aamir Khan had starred with Twinkle Khanna in Dharmesh Darshan's dud Mela (2000).

Kwon Oh-hyun, vice chairman and CEO of Samsung Electronics, announced that he was stepping down, saying their needs to be new, younger leadership due to unprecedented crisis caused by Lee's absence.

The case against Lee, vice-chairman of Samsung Electronics, is seen as a test of the judiciary's tolerance of the country's family-owned conglomerates, known as "chaebols" and their close ties to politics.

Moreover, the outlook may have become even more negative for the former president with the court blaming Park and Choi for "coercing Samsung executives".

The appeals court said Lee was unable to reject the then-president's request to financially support her confidante and was coerced into making the payments. "The essence of this case is that the defendant passively answered to political power". He also stressed responsibility should heavier for public officials in bribery cases.

On January 14, 2008, Korean police raided Lee's home and office in an ongoing probe into accusations that Samsung was responsible for a slush fund used to bribe influential prosecutors, judges, and political figures in South Korea. Prosecutors also were expected to appeal the court's ruling, making it nearly certain the case will go to the Supreme Court. The decision set Lee free following a yearlong detention amidst a corruption scandal, which brought the former president down. Samsung C&T's stock rose 2.1 percent.

Samsung reported record profit last week disclosing numbers that it's chip business pulls in more revenue than the intel corp. His lawyers said they would appeal the ruling.

"I want to say once again how sorry I am that I have failed to present a good image of myself", Lee said as he left prison, according to agencies.

Former President Park, who continues to deny any wrongdoing, is on trial for bribery, coercion and abuse of power.

Recommended News

  • Israel moves to legalize West Bank settlement outpost following rabbi's killing

    Israel moves to legalize West Bank settlement outpost following rabbi's killing

    After a week's postponement , the proposal to recognize Havat Gilad as an official community will be brought to a vote at the cabinet meeting today.
    Drive-by shootings in a Italian town, black immigrants targeted

    Drive-by shootings in a Italian town, black immigrants targeted

    Newspapers said he was denied asylum previous year but had remained in Macerata to appeal against the decision. Johns Street around 10:28 p.m. and found the man, 27, suffering from gunshot wounds, according to police .
    More is less — Nuclear Posture Review

    More is less — Nuclear Posture Review

    The recommendations in the review, if implemented, will result in a safer world. "It makes nuclear war more likely, not less". The Nuclear Posture Review continues bipartisan efforts to modernize our nuclear arsenal in a cost-effective way.
  • Pedestrians mowed down by van in China

    Pedestrians mowed down by van in China

    Another user, Wenshixiu, also posted a video on Twitter that showed emergency services tendering to the injured pedestrians. According to the latest information, 18 people were reported injured so far and three of them were rushed to the hospital.

    Dow sinks by 500 points after week of losses

    Friday's Dow drop tells a different economic story than the Bureau of Labor Statistics' jobs report that was also released Friday. Shares of Exxon Mobil dropped 5.10 per cent to close at $84.53 apiece after it reported weaker-than-expected earnings on Friday.
    LeBron James could meet with Warriors during free agency period, report says

    LeBron James could meet with Warriors during free agency period, report says

    He won back-to-back National Basketball Association titles with the Heat before returning back to the Cavs amid great fanfare. There is no indication that Golden State is evaluating such options to acquire the Cleveland Cavaliers star at this time.
  • 200 million Pakistanis stand by Kashmir, PM Abbasi addresses AJK Assembly

    200 million Pakistanis stand by Kashmir, PM Abbasi addresses AJK Assembly

    Speaking on the occasion, Consul General Faisal Niaz Tirmizi said that India had turned Kashmir into the world's most militarized disputed territory.
    US IT giants post record sales in Oct.-Dec

    US IT giants post record sales in Oct.-Dec

    The company said aggregate paid clicks increased 43 percent year-over-year and 18 percent from last quarter . TAC as a percent of Google Network Members' properties revenues increased to 74% from 70% a year ago.
    Tom Brady doesn't know why everyone wants him to retire so badly

    Tom Brady doesn't know why everyone wants him to retire so badly

    Schlossman of the Grand Forks Herald tweeted a photo of someone carrying Brady's acceptance speech Thursday night in Minnesota. As the father of a four-year old boy, I sympathize: my son can be annoying at times because, you know, he's a four-year old.
  • USA investigating possible sarin gas attacks in Syria: Defense Secretary Jim Mattis

    Mattis did not provide further details on which reports on the use of sarin he was referring to. Liked the story? We're a non-profit.
    Sanctions Could Leave North Korea's Olympic Team Without Perks

    Sanctions Could Leave North Korea's Olympic Team Without Perks

    The post has been empty since Trump assumed office previous year . Most athletes won't talk about sexual activity at the Games.
    Have The Spice Girls finally agreed to a reunion?

    Have The Spice Girls finally agreed to a reunion?

    She captioned the shot: "Love my girls!" Spice Girls will reunite after Victoria Beckham agreed to the initiative. Their source adds: "This is the pop reunion no one thought would ever happen again".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.