Jay Y. Lee, Samsung leader, was granted a presidential pardon. This move which is largely symbolic by the leader of South Korea may now let Lee assume control of the company.
Samsung Leader Granted Presidential Pardon
Vice Chairman of Samsung electronics, Jay Y. Lee was granted a presidential pardon Friday in South Korea. This is seen as a largely symbolic move that may now allow him to take control of the electronics giant.
Lee, which is Samsung’s de facto leader, was granted parole and released from prison back in August 2021, after he served two and a half years on a five-year sentence on bribery, perjury and embezzlement charges. The pardon, which was granted by the South Korean President, President Yoon Suk-yeol, comes amid the rising fears of global inflation as well as the continuing issues surrounding supply chains in the wake of China’s zero-tolerance policy in regard to COVID-19.
What the Korean Government Has To Say
“In a bid to overcome the economic crisis by vitalizing the economy, Samsung Electronics Vice Chairman Lee Jae-Yong, whose suspended prison term was ended recently, will be reinstated,” the Korean government in a statement reported by Bloomberg said in a statement.
Lee was the vice chairman of Samsung and had also acted as the company’s de facto head since his father, Lee Kun-Hee, suffered a heart attack back in 2014. He however faced up to 12 years in prison after being charged with bribery back in the year 2017. The case was all part of a corruption scandal that then led to the impeachment of former South Korean president Park Geun-Hye.
Lee Has Always Denied the Allegations in Court
Lee, who in turn had always denied the allegations in court, wouldn’t be able to work for five years and counting and then faced restrictions on overseas travel under Korean law. But the country’s Justice Department however reportedly had the power to grant exceptions in this case.
The move is coming at the time of china’s zero-tolerance policy against the COVID-19 pandemic which has led to lockdowns in many of the most populated areas of the country and manufacturing restrictions across the industry.
