South Korean court has sentenced Samsung heir Lee Jaeyong also known as Jay Y. Lee to five years in jail in a bribery case. Lee, who is son of Samsung chairman Lee Kunhee and vice chairman at one of the biggest technology companies in the world, has denied that he bribed country’s former president Park Geunhye to seek political favours. But the court apparently found enough evidence to sentence him to jail.
Reuters reports that while sentencing Lee, 49, to jail the Seoul Central District Court was delivering its verdict on charges against him that range from bribery to perjury in a scandal that led to the ouster in March of the then president Park.
Although the sentencing Lee is not likely to have any impact on Samsung’s business, it sure is going to affect the company brand and reputation in some way. The case also highlights the politician businessman nexus in South Korea and the way chaebol large family owned corporations rule the business landscape in the country.
Samsung lawyers, meanwhile, have said that they will file an appeal against the court order. A lawyer for Samsung Group leader Jay Y. Lee said on Friday the defense team could not accept a court ruling to jail Lee for five years for bribery and will appeal against the decision.
“We are confident the ruling will be overturned,” lawyer Song Wucheol told reporters after the ruling by the Seoul Central District Court.
Korean electronics giant Samsung has launched special offers on the occasion of the brand's 20th anniversary in India.
The 20-day 'Celebrating 20 Years' special offers will be on between December 11 ...
Samsung Electronics recorded a better than expected profit in January-March, as an early debut of its flagship Galaxy smartphones boosted sales of high-end phones despite flat growth in the overall ...