Samsung Heir Lee Jae-yong, Convicted Of Bribery, Walks Out Of Prison On Parole

<p><strong>New Delhi:</strong> Samsung Electronics Vice Chairman Lee Jae-yong, who was convicted on charges of bribery and embezzlement four years ago, was released on parole on Friday.</p> <p>The 53-year-old Samsung heir, who was last detained in January 2021, looked much thinner than before when he appeared outside the Seoul Detention Center in a dark grey suit, Reuters reported.</p> <p>Lee has served 18 months of a revised 30-month sentence since he was convicted of bribing a friend of former President Park Geun-hye, who is also in jail facing charges of bribery and corruption.</p> <p>"I've caused much concern for the people. I deeply apologise," Lee was quoted as telling reporters. "I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard."</p> <p><strong>ALSO READ | <a title="Competition On Rise As Samsung Overtakes Apple And Xiaomi In Terms Of Smartphone Shipments" href="https://ift.tt/2Vqz0jN" target="">Competition On Rise As Samsung Overtakes Apple And Xiaomi In Terms Of Smartphone Shipments</a></strong></p> <p>After his release, Lee went straight to Samsung Electronics headquarters in Seoul. He, however, needs a separate approval from the justice ministry before he can resume work, though the decision is expected to be a formality, the report said.</p> <p>The business community and the public in general had rooted for his parole as there was anxiety that major strategic decisions were stuck at Samsung, the world's biggest memory chip and smartphone manufacturer.&nbsp;</p> <p>Lee had been the de facto head of Samsung Electronics, which was founded by his grandfather, since 2014.</p> <h3><strong>Decision In National Interest: President&rsquo;s Office</strong></h3> <p>His release, however, has not gone down well with many civic groups who alleged leniency on part of the authorities towards the country's business elite.</p> <p>Weighing in, President Moon Jae-in's office said in a statement on Friday that the parole decision was made in the national interest.</p> <p>"We are well aware that there are supporting and opposing views on Vice Chairman Jay Y. Lee's parole. The views of the people who are opposed are also right," it said.</p> <p>"On the other hand, there have been many people who called for his parole in this severe crisis, hoping that he will help the country with respect to semiconductors and vaccines."</p> <p>The justice ministry said it considered the effects of the pandemic on South Korea's economy and global markets, while making the decision to release Lee on parole, BBC reported.</p> <p><strong>ALSO READ | <a title="Samsung Offices Come Under Scrutiny Of Revenue Intel On Suspicion Of Customs Duty Evasion" href="https://ift.tt/3hswLov" target="">Samsung Offices Come Under Scrutiny Of Revenue Intel On Suspicion Of Customs Duty Evasion</a></strong></p> <p>Samsung has not issued any statement on when Lee might resume work.</p> <p>Quoting company sources, the Reuters report said Lee's absence did not affect day-to-day operations at South Korea's biggest conglomerate that has three CEOs in charge of its main divisions, but decisions on major investments are only taken by him.</p> <p>The report said Lee is expected to make a final call on the location of a $17 billion US plant that will produce advanced logic chips.</p> <p>After his conviction in August 2017, Lee had served one year of a five-year sentence, which was later suspended by a court. That decision was, however, overturned later. The sentence was shortened and Lee was sent back to prison in January 2021.</p> <p>Besides bribery, Lee is also accused of accounting fraud and stock price manipulation linked to a merger of two Samsung companies in 2015.</p> <p>There is yet another case in which he has been accused of unlawfully using a sedative. The first hearing in the case is expected on September 7, the Reuters report said.</p> <p>Lee has denied the charges in both cases.</p>