Samsung Heir Sentenced to Prison for Bribery and Embezzlement

Admin 18-Jan-2021 World_News

Samsung de facto chief Lee Jae-yong has been sentenced to prison for bribery and embezzlement, casting the future of leadership at the tech company in doubts. 

Lee Jae-yong had been operating as Samsung's de facto leader since last year following the death of his father Lee Kun-hee.

A Seoul High Court in South Korea sentenced the son of the deceased Samsung Chairman to 2 and half years in prison on Monday. 

Recall Lee was involved in an influence-peddling scandal that led to the imprisonment of former South Korean President Park Geun-hye.

Lee was found guilty of bribery and other charges in 2017 but spent less than a year in prison out of the 5-year sentence initially awarded by the court.

News of Lee's incarceration has affected the company as Samsung's stock fell by nearly 3.8%. 

It is not immediately clear if the court sentence would be challenged but Lee can appeal if he chooses to do so.

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