Samsung scion awarded five years in prison for corruption

Aug 25, 2017, 4:56 AM EDT
Samsung’s heir-apparent Lee Jae-yong found guilty of giving bribes.
(Source: Conecta Abogados/flickr)

A South Korean court on Friday handed down five-year jail term to Samsung’s heir-apparent Lee Jae-yong after it found the billionaire guilty of paying bribes to seek favors from then President Park Geun-hye.

The verdict is linked to the same scandal that resulted in the impeachment and ouster of Geun-hye, writes the BBC. Jae-yong, also held guilty of hiding assets overseas, perjury and embezzlement, donated 41bn won, to NGOs run by one of Geun-hye’s close aides.

Massive graft involving chaebols, the local term for powerful family-controlled business groups, sparked anger in South Korea as their nexus with political patrons hurts the country’s economy and snuffs out smaller businesses, notes Reuters.

TAGS: Samsung