Samsung: Who is Lee Jae Yong, billionaire heir to the technological empire who will return to prison

Billionaire Lee Jae Young, heir to Samsung’s technology empire, was sentenced on Monday to two years and six months in prison for embezzlement and bribery, in one of the biggest scandals affecting the South Korean tech giant.

It is the latest development in a controversial power broker that brought down the government of former South Korean President Park Geun-hye.

The businessman, also known as Jay Y. Lee, was already sentenced to five years in prison on corruption charges in 2017, although he was released less than a year later when an appeals court rejected some of the charges and suspended him a ruling.

Although Lee is officially the company’s vice president, he has practically led the group since his father resigned due to health issues.

This new judicial setback raises once again the issue of the future leadership of the world leader in smartphone and memory chips.

Samsung is the largest of “chaebols,” the term for the industrial family empires of South Korea.

Its global turnover accounts for about a fifth of the country’s GDP, so its leader’s conviction could have ramifications both inside and outside the Asian country.

Experts say the ruling could create a leadership vacuum and hinder Samsung’s decision-making process on large-scale investments in the future

“It’s really a big blow and a big crisis for Samsung,” Kim Dae-jung, a business professor at Sejong University, told AFP.

‘Actually pay bribes’

Lee is the fourth richest man in South Korea, aged 52, with a fortune that Forbes estimates at $ 9.4 billion.

Divorced and father of two, the businessman – who studied at Harvard Business School – became one of the heads of Samsung in 2009 and in 2013 he was appointed vice president of Samsung Electronics, the division that makes smartphones, televisions, even cameras and hard drives.

But since Lee’s father suffered a heart attack in 2014, he has become considered the de facto boss of the entire Samsung group and thus responsible for the giant company’s problems.

After serving only a fraction of his first corruption sentence against him, he apologized to Lee in May of last year for the corporate crimes he was involved in.

He told me, “Our technology and products are top notch, but the overview on Samsung remains stiff.” “this is my mistake. I apologize. “

“I will make sure that there are no more disputes over the succession in the administration,” he added. “I will not take any action against the law.”

But neither his apologies nor promises prevented justice from issuing a new ruling.

According to the court ruling, Lee “took bribes and tacitly requested the president to use her power to help him succeed him smoothly” at the helm of the company.

The ruling added, “It is extremely unfortunate that Samsung, the nation’s leading company and the proud global innovator, is repeatedly involved in crime every time there is a change in political power.”

A court found Lee guilty of bribery, embezzlement and withholding criminal proceeds valued at $ 7.8 million.

Li’s defense expressed his disappointment with the referee.

Lee Lee, Lee’s lawyer, told reporters, “The nature of this case is the former president’s abuse of power in violation of corporate freedom and property rights. Given this nature, the court’s decision is regrettable.” .

According to the court ruling, Lee “took bribes and tacitly requested the president to use her authority to help him succeed him smoothly” at the helm of the company.

“It is extremely unfortunate that Samsung, the nation’s leading company and a proud global innovator, is repeatedly involved in crime every time there is a change in political power,” the ruling added.

The court found Lee guilty of bribery, embezzlement and withholding criminal proceeds valued at $ 7.8 million.

Li’s defense expressed his disappointment with the referee.

Lee Lee, Lee’s lawyer, told reporters, “The nature of this case is the former president’s abuse of power that violates corporate freedom and property rights. Given this nature, the court’s decision is regrettable.” .

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