Samsung heir appeals jail sentence

Samsung heir appeals jail sentence

Samsung heir appeals jail sentence

Samsung, founded in 1938 by Lee's grandfather, is a household name in South Korea and a symbol of the country's dramatic rise from poverty following the 1950-53 Korean War.

Lee Jae-Yong, the de-facto head of Samsung Electronics, was convicted last week of bribing South Korea's ousted president Park Geun-Hye and sentenced to five years in prison.

Lee is said to have offered bribes to Park Geun Hye when she was the President of the country.

The court also found Lee guilty of hiding assets overseas, embezzlement and perjury.

Samsung chief Lee Jae-yong is appealing his five-year prison term for bribery. Lee has been accused of offering bribes of 38 million Dollars for various departments after the death of his father.

Lee's lawyer has steered media inquiries to Samsung, whose spokeswoman did not have any immediate comment about the appeal against the sentence handed down on Friday.

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Lee took up the reins of company after his father, Samsung Group chairman Lee Kun-hee, withdrew from business after suffering from a heart attack in 2014.

On Monday, shares of Samsung Electronics fell more sharply than the wider Korean market. In the wake of the corruption scandal - which led to the impeachment of Park - the current president, Moon Jae-in, campaigned on holding South Korea's corporate empires to account. Lee's attorney Song Woo-chul said, "I can not accept the ruling either from a legal standpoint or in consideration of the facts and will appeal immediately". The company has successfully weathered past crises that include two recalls of Galaxy Note 7 smartphones prone to catch fire and Lee's arrest.

Still, Samsung says Lee has been critical to longer-term strategic decisions and its relationships with major global customers. Instead, Samsung has insisted that a merger of two Samsung companies at the centre of the scandal was about creating business benefits.

Samsung is by far the biggest of the chaebols, as the family-controlled conglomerates that dominate Asia's fourth-largest economy are known, with its revenues equivalent to around a fifth of the country's GDP. Last year, US hedge fund Elliott Management sent a letter to the Samsung board, suggesting the company pays a special cash dividend, adopts a holding company structure and lists on NASDAQ.

Samsung Electronics Vice Chairman Kwon Oh-hyun delivered an official statement to staff on August 28 on the latest verdict on the firm's heir-apparent Lee Jae-yong, urging workers to continue giving best efforts. Among those 10 giants, the leaders of six have been convicted of white-collar crimes, with many being pardoned or having had their sentences commuted. "The leadership vacuum may not have short-term effect, but in the long-term, it is a serious problem".

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