{"id":12197,"date":"2022-08-12T14:38:50","date_gmt":"2022-08-12T14:38:50","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/08\/12\/samsung-heir-jay-y-lee-pardoned-for-crimes-just-like-his-father\/"},"modified":"2022-08-12T14:38:51","modified_gmt":"2022-08-12T14:38:51","slug":"samsung-heir-jay-y-lee-pardoned-for-crimes-just-like-his-father","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/08\/12\/samsung-heir-jay-y-lee-pardoned-for-crimes-just-like-his-father\/","title":{"rendered":"Samsung heir Jay Y. Lee pardoned for crimes, just like his father"},"content":{"rendered":"<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/8\/12\/23302676\/samsung-heir-presidential-pardon-lee-jae-yong\">https:\/\/www.theverge.com\/2022\/8\/12\/23302676\/samsung-heir-presidential-pardon-lee-jae-yong<\/a><br \/>\n<code><br \/><\/br><\/code><\/p>\n<div readability=\"77.025842329081\">\n<p id=\"AzwUiX\">Samsung heir Lee Jae-yong \u2014 known in the West as Jay Y. Lee \u2014 has won a presidential pardon by South Korean President Yoon Suk-yeol, allowing the grandson of Samsung\u2019s founder to resume leadership of the powerful conglomerate, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-12\/south-korea-restores-samsung-s-jay-y-lee-right-to-work-l6pul38z?sref=ExbtjcSG\"><em>Bloomberg<\/em> reports<\/a>. The pardon will be formalized on August 15th.<\/p>\n<p id=\"NhCSpS\">The presidential pardon is reminiscent of the two given to <a href=\"https:\/\/www.theverge.com\/2012\/11\/30\/3709688\/samsung-25-years-lee-kun-hee\">Lee\u2019s father, Lee Kun-hee<\/a>, who was convicted of corruption and tax evasion in 1996 and 2008. <\/p>\n<aside id=\"NJAwsz\">\n<\/aside>\n<p id=\"SF4D0l\">\u201cIn a bid to overcome the economic crisis by revitalizing the economy, Samsung Electronics vice chairman Lee Jae-yong, whose suspended prison term ended recently, will be reinstated,\u201d the South Korean government said in a statement <a href=\"https:\/\/www.ft.com\/content\/ae44aa90-019c-4117-81da-ea4ed433e0af\">reported by the <em>Financial Times<\/em><\/a>.<\/p>\n<p id=\"3zjMRp\">The pardon is the latest turn in a bribery scandal <a href=\"https:\/\/www.theverge.com\/2017\/3\/9\/14867124\/samsung-bribery-corruption-trial-chairman-lee-jae-yong\">that dates back to 2017<\/a>, when Lee was accused of bribing then-President Park Geun-hye. The Samsung heir was initially sentenced to five years in prison after <a href=\"https:\/\/www.theverge.com\/2017\/8\/25\/16201360\/samsung-lee-jae-yong-guilty\">being found guilty of corruption<\/a> but served less than one year of his sentence before being <a href=\"https:\/\/www.theverge.com\/2018\/2\/5\/16972818\/samsung-ceo-wins-bribery-appeal\">released on appeal<\/a>. He was subsequently <a href=\"https:\/\/www.theverge.com\/2021\/1\/18\/22236716\/samsung-lee-jae-yong-prison-bribery-ruling\">reimprisoned in January 2021<\/a> before <a href=\"https:\/\/www.theverge.com\/2021\/8\/9\/22616518\/samsung-heir-lee-parole-bribery-south-korea\">being released <em>again<\/em> in August that year<\/a> on parole. In total, he served a year and a half of his 30-month sentence.<\/p>\n<div class=\"c-float-right\">\n<aside id=\"gfoywx\"><q>\u201cSamsung Electronics vice chairman Lee Jae-yong &#8230; will be reinstated\u201d<\/q><\/aside>\n<\/div>\n<p id=\"bcdp2E\">A presidential pardon is important because it opens the door to Lee retaking the helm of the tech giant founded by his grandfather, Lee Byung-Chul. Under Korean law, convicted criminals are barred from holding formal positions at a company like Samsung for five years following their conviction. <em>Bloomberg <\/em>reports that Lee has continued to receive reports from the company without having an official title. <\/p>\n<p id=\"eQEWYL\">Samsung currently doesn\u2019t have anyone serving as its chairman after Lee Kun-hee <a href=\"https:\/\/www.theverge.com\/2020\/10\/24\/21532544\/samsung-chairman-lee-kun-hee-dies-78\">died in October 2020<\/a>. But <em>Bloomberg<\/em> notes that the pardon opens the door for Lee to return and push through major strategic decisions that are arguably necessary as the chaebol struggles with inflation, the instability caused by the war in Ukraine, supply chain problems created by China\u2019s COVID lockdowns, and complications resulting from escalating US-China relations. <\/p>\n<p id=\"FYelud\">Lee\u2019s formal return to the company is seen as a potential source of stability, not to mention a potentially politically popular one. As the <a href=\"https:\/\/apnews.com\/article\/business-south-korea-4d91344be72d7e3ed81625b0d769c0d0\"><em>Associated Press<\/em> noted<\/a> last year, around 5 million people in South Korea own shares in Samsung, leading to widespread support for Lee\u2019s release from prison. But critics say that the pardon is endemic of a cozy relationship between Korea\u2019s business and political elite that verges on the corrupt, the <em>Financial Times<\/em> notes.<\/p>\n<p id=\"L3YZkM\">\u201cThank you for giving me the opportunity to start anew. I am sorry for causing concern to many people,\u201d Lee said in a statement. \u201cI will try harder to give back to society and grow together.\u201d But the businessman\u2019s legal troubles are far from over given he still faces separate stock manipulation charges in relation to a merger of two Samsung subsidiaries. <\/p>\n<\/div>\n<p><code><br \/><\/br><\/code><\/p>\n<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/8\/12\/23302676\/samsung-heir-presidential-pardon-lee-jae-yong\">https:\/\/www.theverge.com\/2022\/8\/12\/23302676\/samsung-heir-presidential-pardon-lee-jae-yong<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Samsung heir Lee Jae-yong \u2014 known in the West as Jay Y. Lee \u2014 has won a presidential pardon by South Korean President Yoon Suk-yeol, allowing the grandson of Samsung\u2019s founder to resume leadership of the powerful conglomerate, Bloomberg reports. The pardon will be formalized on August 15th. The presidential pardon is reminiscent of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12198,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,8],"tags":[16],"class_list":["post-12197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","category-technology","tag-policy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Samsung heir Jay Y. 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