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South Korea: The de facto leader of the Samsung group received a presidential pardon

The heir and de facto leader of conglomerate giant Samsung was granted a presidential pardon today, a development that adds to South Korea’s tradition of showing leniency to businessmen convicted of corruption or other financial crimes.

Billionaire Lee Jae-yong, who was convicted of corruption and embezzlement in January, will “rejoin” to “contribute to overcoming the economic crisis” South Korea is experiencing, Justice Minister Han Dong-hun said.

The pardon for the 54-year-old businessman with the second largest fortune in the country and 278th in the world, according to Forbes magazine, is mainly symbolic. Mr Li was already on parole after serving 18 months in prison for bribery while he was vice chairman of the world’s largest smartphone and semiconductor maker, or about half of his sentence.

The pardon allows him to resume executive duties at Samsung after a five-year court ban from working is lifted.

“Due to the global economic crisis, the dynamism and vitality of the national economy have deteriorated and we fear that the economic languor will be prolonged,” argued the Ministry of Justice.

The ministry adds that the businessman will be asked to “direct the engine of the country’s development by actively investing in technologies and creating jobs”.

“I will contribute to the economy with continuous investments and job creation,” assured the interested party, according to a statement from the ministry.

At the same time as Lee Jae-yong, three other businessmen were pardoned, including Lotte Group chairman Shin Dong-bin, who was sentenced to a two-and-a-half-year suspended prison sentence in a corruption case in 2018.

Samsung Group’s turnover corresponds to a fifth of South Korea’s GDP.

The scandal that led to Mr Lee’s conviction and imprisonment had led to the downfall of former President Park Geun-hye.

It is not uncommon for tycoons in South Korea to face charges of corruption, embezzlement, tax evasion and other financial crimes.

SOURCE: APE-ME

Source: Capital

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