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Samsung boss gets presidential pardon: South Korea justice minister

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Samsung Electronics Co. Vice Chairman Lee Jae-yong attends a dinner held to celebrate the swearing in of South Korean President Yoon Suk-yeol, at a hotel in Seoul, South Korea, 10 May 2022. EPA-EFE/JEON HEON-KYUN/POOL" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/08/12/20220812-samsung-lee-jae-yong-epa.jpg"/><figcaption>Samsung Electronics Co. Vice Chairman Lee Jae-yong attends a dinner held to celebrate the swearing in of South Korean President Yoon Suk-yeol, at a hotel in Seoul, South Korea, 10 May 2022. <em>EPA-EFE/JEON HEON-KYUN/POOL</em></figcaption></figure></div><p>SEOUL - The heir and de facto leader of Samsung group received a presidential pardon Friday, the latest example of South Korea&#x27;s long tradition of freeing business leaders convicted of corruption on economic grounds.</p><p>Billionaire Lee Jae-yong, who was convicted of bribery and embezzlement in January last year, will be &quot;reinstated&quot; to give him a chance to &quot;contribute to overcoming the economic crisis&quot; of the country, Justice Minister Han Dong-hoon said.</p><p>Lee -- the 278th-richest person in the world, according to Forbes, with a net worth of $7.9 billion -- was released on parole in August 2021, after serving 18 months in jail, just over half of his original sentence.</p><p>Friday&#x27;s pardon will allow him to fully return to work by lifting a post-prison employment restriction that had been set for five years. </p><p>&quot;Due to the global economic crisis, the dynamism and vitality of the national economy have deteriorated, and the economic slump is feared to be prolonged,&quot; the Justice Ministry said in a statement.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/13/21/jailed-samsung-chief-released-on-parole">Jailed Samsung chief Lee Jae-yong released on parole</a></li>	<li><a href="https://news.abs-cbn.com/business/04/28/21/samsung-heirs-pay-billions-inheritance-tax-bill">Samsung heirs to pay billions, donate Picasso works to settle tax bill</a></li>	<li><a href="https://news.abs-cbn.com/business/09/01/20/samsung-heir-charged-with-fraud-over-succession-linked-deal">Samsung heir charged with fraud over succession-linked deal</a></li></ul><p>The pardon was given so that Lee -- and other similarly pardoned high-level executives -- could &quot;lead the country&#x27;s continuous growth engine through active investment in technology and job creation,&quot; the ministry added.</p><p>Lee, 54, received his pardon along with three other businessmen on Friday, including Lotte Group Chairman Shin Dong-bin, who was sentenced to a suspended two-and-half-year prison term in a bribery case in 2018.</p><p>Lee is the vice-chairman of Samsung Electronics, the world&#x27;s biggest smartphone maker. The conglomerate&#x27;s overall turnover is equivalent to about one-fifth of South Korea&#x27;s gross domestic product.</p><p>He was jailed for offenses connected to a massive corruption scandal that brought down former president Park Geun-hye. </p><p>There is a long history of top South Korean tycoons being charged with bribery, embezzlement, tax evasion or other offenses.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/23/21/apple-is-top-smartphone-vendor-in-q4-but-samsung-keeps-lead-in-2020">Apple is top smartphone vendor in Q4, but Samsung keeps lead in 2020</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1643305" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The heir and de facto leader of Samsung group received a presidential pardon Friday, the latest example of South Korea's long tradition of freeing business leaders convicted of corruption on economic grounds.