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Samsung is the largest conglomerate in the country, known locally as Chaebol, with businesses in electronics, insurance, construction and many other industries. Chaebol They were behind the country’s rapid economic recovery from the Korean War, resulting in what critics say is undue influence due to their close relationships with many politicians.
Lee had served a year in prison for bribing an associate of former President Park Geun-hye, but an appeals court suspended the sentence in 2018, according to the report. In 2019, the Supreme Court ordered a new trial. The previous jail sentence will be considered with the last sentence.
The Seoul High Court found Lee guilty of bribery, embezzlement and concealment of criminal proceeds totaling KRW8.6 billion (US $ 7.8 million). The court also noted that an independent compliance committee formed by Samsung to prevent further abuse has not yet come into full force.
“Despite some shortcomings … I hope that over time, it will be evaluated as a milestone in the history of Korean companies as a beginning for compliance and ethics,” said Chief Justice Jeong Jun-yeong.
Lee did not comment on the sentence, but in his final statement to the court in December, he said he wants to “make a new Samsung.”
While analysts say the ruling won’t affect Samsung’s day-to-day operations, in the meantime, Lee will be left out of major decision-making. He is a third-generation executive and was set to succeed his late father Lee Kun-hee, the son of Samsung founder Lee Byung-chul.
