A South Korean court sentenced JY Lee, vice chairman of Samsung Electronics, to two and a half years in prison. Lee, 52, was convicted in 2017 of bribing an associate of former President Park Geun-Hye, after which he was sentenced to 5 years. However, he denied the allegations. He was released after a year on appeal, but later the Supreme Court sent the case back to Sol High Court, which gave its verdict on Monday.
The decision of the court will have an impact on Samsung Electronics. Now Lee will not be able to take part in the important decisions of the company. Also, he will not be able to monitor the succession process in the company. Lee's father died in October. According to South Korean law, only a sentence of three years or less can be suspended. This leads to jail for a longer sentence. Lee has spent a year in prison.
Following this decision, Samsung Electronics shares fell 4 percent. Apart from this, shares of Samsung C&T, Samsung Life Insurance, and Samsung SDI also declined.
The Seoul High Court has convicted Lee of nearly $ 8.6 billion for bribery, embezzlement and said it would take time for the independent compliance committee set up at Samsung early last year to become fully effective. Judge Jong-Yong said that Lee had shown readiness for management with new strong compliance, as he vowed to build a transparent company. Jana said that despite some shortcomings, I hope that over time, it will be evaluated as a milestone in the history of Korean companies, a major step towards pursuing ethics.
The one year Lee spent in prison will be reduced to his sentence. This decision can be challenged in the Supreme Court, but legal experts say that the Supreme Court has given a decision on it once, so now Lee has little scope.
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