Author: Geoffrey Ejiga
After serving time in jail and away from the company, Samsung’s heir has been pardoned by the country’s president and will resume his role as the company’s chairman.
Some citizens criticize the presidential pardon, while the majority are pleased by the president’s decision.
Today, we will cover the details of Lee’s release and why he was punished in the first place, so keep reading to find out.
Why Did Samsung’s Heir Get Punished
Samsung’s heir Lee Jae Young who is popularly known as Jay Y. Lee got a prison sentence lasting 30 months, but he spent only 18 months before being released on parole. Lee was convicted on charges of bribery and other forms of corruption.
To be specific, Lee allegedly offered bribes and implicitly asked his country’s president to assist his succession using her power.
Eventually, Lee was found guilty of bribery, hiding assets outside the country, embezzling, and concealing criminal proceeds worth $7.8m.
However, the heir to Samsung denied all these allegations, mentioning that the company didn’t seek returns on Lee’s activities.
But people may find Lee’s innocence hard to believe as this isn’t his court battle. Lee’s first arrest came in 2017 due to allegations of political and corporate scams.
Samsung’s Heir Gets Pardoned
The heir to Samsung received a presidential pardon from Yoon Suk Yeol, which will allow the company’s Vice Chairman to return to his role and travel overseas for business.
The presidential pardon will be effective by August 15 (the country’s independence day).
Analysts believed that Lee’s absence from the company slowed decision-making, potentially affecting the company’s growth, especially now when demand is high and supply is low.
Samsung is one of the country’s largest companies and a source of pride to the Nation, making Lee’s presidential pardon essential.
According to the South Korean government, the decision to reinstate Lee is a bid to overcome the country’s economic crisis.
As Lee’s presidential pardon hit the news in Seoul, Samsung shares climbed by 1.3%.
However, some citizens criticize the government’s decision to clear Samsung’s heir of his criminal charges, with some saying that this is another case of a chaebol leader evading lawful punishment.
Despite this reality, about 70% of citizens supported Lee’s pardon. Lee later apologized to the country, saying he will try harder to give back to the community and help the Nation grow.
Before the pardon, Lee didn’t have a proper title on the board, and only received reports from Samsung executives without affecting the company’s decision-making.
Lee’s legal troubles aren’t over as he is being prosecuted in a separate case relating to a previous merger of Samsung subsidiaries.
Conclusion
The next question on many people’s minds is whether Lee will seek to become the next chairman of Samsung. The company’s previous Chairman was Lee’s father who passed away in 2020, leaving the position vacant.
Lee is undoubtedly interested in taking control of his grandfather’s company, and the presidential pardon he received may help to clear the way for his succession.
