Samsung heir pardoned for crimes, just like his father

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The grandson of the founder of the conglomerate, known in the West as Jay Y. Lee, has been pardoned by the president of South Korea. On August 15th, the pardon will be made official.

The two pardons given to Lee's father, Lee Kun-hee, were similar to the one given to Lee.

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In a bid to overcome the economic crisis by revitalizing the economy, the South Korean government said in a statement that the suspended prison term of the vice-chairman of SAMSUNG ELECTRONICS would be restored.

Lee was accused of paying bribes to Park Geun-hye when she was president. After being found guilty of corruption, the heir was sentenced to five years in prison, but was released on appeal. He was released from prison on parole in August of 2021. He was sentenced to 30 months and spent a year and a half there.

A presidential pardon will allow Lee to take the helm of the tech giant founded by his grandpa. Criminals who are found guilty of a crime are barred from holding formal positions at companies for five years. Lee doesn't have an official title, but he still gets reports from the company.

Lee Kun-hee died in October 2020 and no one currently serves as the chairman of the company. The pardon opens the door for Lee to return and push through major strategic decisions that are necessary as the chaebol struggles with inflation, the instability caused by the war in Ukraine, and China's Covid lock downs.

Lee returning to the company is seen as a potential source of stability and possibly a politically popular one. The release of Lee from prison was supported by five million people in South Korea who own shares in the company. The Financial Times says that the pardon is endemic of a cozy relationship between Korea's business and political elite.

I would like to thank you for allowing me to start again. Lee apologized for causing concern. I will try harder to help society. The businessman is still facing stock manipulation charges in relation to the merger of two companies.