Lee Jae-yong: Why did South Korea pardon the Samsung 'prince'?

Image source, Getty Images

A special presidential pardon has been granted to Lee, the heir to the family's business empire.

Lee, one of South Korea's most powerful white collar criminals, was twice imprisoned for paying bribes.

The de-facto leader of the country's biggest company was needed back at the helm to lead the economic recovery after the economic downturn.

Since mass protests ousted a president from office six years ago, there has been a struggle over how the country is run.

Lee's crimes were connected to the corruption scandal that resulted in the imprisonment of former president Park Geun-hye.

The Crown Prince paid millions of dollars in bribes to President Park and her associate in order to get their support for a merger that would shore up his control of his family's empire.

Millions of South Koreans turned out at candlelit protests every weekend in the winter to demand an end to Park's government.

Image source, Getty Images

Park was sentenced to 25 years in prison for being impeached.

Lee, who is also known as Jay Y Lee in the West, was jailed a year later for offences including stealing company funds to buy a horse for a friend's daughter.

The new president had a mandate to clean up. He didn't make much progress. He pardoned his predecessor in the last days of his presidency.

The same president gave the same clemency to the chief of the company.

It's a sad blow for those who have been fighting corruption.

It's a big deal." Sangin Park said that it means Korea retreats to the time before the candlelit demonstrations.

Business leaders are above the law according to the popular conception.

The top 10 conglomerates in Korea account for 80% of the country's GDP. Chaebols are family-controlled empires which provide a wide range of services. Some of them are:

The biggest and most powerful of them all is the Korean company, SAMSUNG.

Image source, Getty Images

It's a global electronics brand. Hospitals, hotels, insurance plans, billboards and shipyards are just some of the things it does at home.

Prof YoonKyung Lee is a political sociologist at the University of Toronto.

They have wormed their way into the highest levels of Korean politics. Most of the anger was directed at President Park, according to Prof Lee. She said labour activists and others were trying to highlight the influence of the chae bols.

The government supported Chaebols after the war. There was a "Buy-Korea" policy and they were given cheaper electricity.

Competition was crushed and labour movements were stifled by the resulting monopolies.

Prof Lee said that executives were given light sentences. If a chaebol leader is taken out of action, the economy may suffer.

Mr Lee's father, Lee Kun-hee, was the former chairman of the company. He did not serve any time in jail.

Activists hoped the case would mark a turning point when his son was sentenced to five years in prison.

The celebration was brief. Lee's court battle was full of twists and turns that were worthy of a Korean serial.

A higher court ordered a re trial after an appeals court freed him.

The Moon government released him on parole just a few months into his second jail term.

He greeted US President Joe Biden on a trade visit to South Korea.

Image source, Getty Images

Lee is accused of rigging company valuations, accounting fraud and violating his sentence conditions. He will be able to resume his responsibilities if he is granted clemency.

It's similar to a pattern of convicted chae bol leaders having their slates wiped clean.

The president's office and the National Assembly are in charge of making the laws.

It's really down to a coalition of conservative political and business elites who all have interests with each other when it comes to political influence or cultural influence.

Lee was pardoned by the government on the grounds that chaebol leaders are needed for the economy. Many economists say this isn't backed up by hard evidence.

The pardoning of chae bol controllers has not contributed to economic growth.

While Lee has been in and out of prison, analysts say that the company has done well. South Korea's dependence on chaebols needs to be ended, as growth has slowed for years, according to reform advocates.

It's time to move away from the idea that if you do your job, you're good.

Critics of Lee's pardoning are not popular among the public. 70% of the people in a recent poll said they supported the pardon.

What can I say about that support?

Experts say the desire to tackle corruption still exists. It's mixed with fear and concern over a looming recession, and residual pride over the fact that Korea was represented on the world stage by the company.

There's a belief that Korea will do well if SAMSUNG does well. Prof Lee says it's hard for ordinary citizens to break out of this myth because Koreans have lived with it for so long.

Lee's release is a sign that we are moving forward despite the economic downturn.

The Korean service of the British Broadcasting Corporation reported.