Samsung heir sentenced to 5 Years in Prison

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Lee Jae-yong

Scribe:  Lucy Osbourne

Email:  lucy@thethinkering.com

 

South Korea is in turmoil as the country and the Samsung dynasty are having difficulties as the President has been pushed out of office and the Samsung heir apparent has just received five years in prison for bribery. 

Lee Jae-yong was found guilty Friday for his part in a corruption scandal that included the federal government and the largest manufacturing company in the country.  The 49-year-old was sentenced to five years in jail convicted on five charges, bribery, embezzlement, illegally transferring assets overseas, concealing criminal proceeds, and perjury. 

The same scandal led to the impeachment of Park Geunhye, the president of the South Korea in March of this year.  She is now on trial facing 18 charges including extortion and bribery to the tune of $50m.  Her co-conspirator Choi Soon-sil are accuse of shaking down three large business.

Samsung is said to have paid Choi, $38 million.  Choi is a longtime friend of Park who has known each other for 40 years.  He is being accused of using Parks connections to enrich himself.  Lee’s grandfather started Samsung in the as a fruit and dried fish exporter nearly 80 years ago. Since then the company has transformed into a technological giants known for its television and phones. 

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