![]() Park is far from the first South Korean to be involved in a scandal of this nature. Samsung Electronics, a 48-year-old firm with market capitalization of $254.3 billion as of May, is a globally recognized flagship of South Korea thanks to its world dominance in Android smartphones.īut a lot more are happy for any court ruling that crushes graft and makes their country a fairer, less opaque place, analysts say. Some Koreans may sympathize with Lee as a victim of a system that requires illegal moves to gain the government’s favor. Prosecutors had asked for a 12-year sentence on charges of bribery, embezzlement and hiding assets, but Lee will still be the first Samsung executive to serve time in prison. ![]() Lee was sentenced Friday to five years in jail and plans to appeal, according to local media reports. His father remains the country's richest with a $18.6 billion fortune. As of today, Lee is South Korea’s third richest person with a net worth that Forbes estimates at $7 billion. ![]() Lee, 49, says he never willingly paid bribes for preferential government treatment.ĭespite today's verdict and the recall of Samsung's Galaxy Note 7 smartphone, which stemmed from a critical battery problem, Samsung Electronics shares are up 45% over the past year. A man sometimes described as an heir to the massive Samsung business was accused of paying about $38 million in bribes to the former president's confidante to help secure a merger of two Samsung affiliates and his control of the whole empire when his gravely ill father and Chairman Lee Kun-hee decides to pass it on. The Samsung executive also known as Lee Jae-yong was arrested and jailed in February over his suspected ties with Park. More on Forbes: Samsung Heir Ensnared In South Korea's Presidential Scandal: How Did It Get There? As public outrage crested, she was impeached in December and forced to resign in March. She rejects the charges, but investigators believe she let a confidante outside the government influence official business – the source of the whole case against her. Park is now facing 18 charges linked to corruption and abuse of power. Lee’s conviction helps South Korea seal the fall of former president Park Geun-hye.
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