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© samsung Business | August 25, 2017

Samsung's group head gets jail sentence

Bribery charges do not only bring down presidents, but also the head of Samsung Group. Jae Yong Lee was jailed for five years. Lee denied wrongdoing.
The Seoul court found that Lee had paid bribes in anticipation of favours from then South Korea president Park Geun-hye. Furthermore, Lee was also found guilty of hiding assets abroad, embezzlement and perjury, a Reuters report states.

Samsung’s financial support of entities backed by Park’s close friend, Choi Soon-sil, constituted bribery, the Seoul Central District Court stated in their verdict. This includes some USD 6.4 million in sponsorship for the equestrian career of Choi’s daughter. In return, prosecutors say, Samsung sought government support for a controversial 2015 merger of two of its affiliates.

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September 15 2017 9:25 AM V8.7.1-2