 heir, Lee Jae-yong, has walked free from his suspended jail sentence following the scandal of bribery){kind=link}
Samsung (KRX: 005930) heir, Lee Jae-yong, has walked free from his suspended jail sentence following the scandal of bribery and corruption.
Lee’s initial sentence was halved and the remaining time he has not yet served was suspended. The decision has been treated as proof that major corporations in South Korea hold too much influence over the country.
Lee was arrested last year on charges that he paid bribes to a confidante of South Korea’s former president in exchange for political favours.
Lee was found to have paid $6.7 million in bribes to Park Geun-hye.
The lawyers of the Samsung heir have maintained that the bribes were made without his knowledge. He has also insisted that he had no expectation of favours from the Park administration.
The trial, which was carried out last year, was one that transfixed South Korea – where it was dubbed “trial of the century”.
“I want to say once again how sorry I am that I have failed to present a good image of myself,” said Lee as he left prison. “The past one year has been a valuable time for me to reflect upon myself. I will be more careful in the future.”
Lee is expected to go back to Samsung, where he has directed operations since his father, Lee Kun-hee, was put in a coma by a heart attack in 2014.
Forbes ranked the Samsung heir as 40th most powerful person in the world. He has a net worth of almost $6 billion (£4.9 billion).
Lee was not the only one from Samsung who was accused and found guilty. In addition to Lee, four more top Samsung executives were convicted and received sentences of up to four years.
Samsung continues to dominate in the country, with the emerged scandal not affecting the group’s profits or share price.