Skip to main content
https://www.highperformancecpmgate.com/rgeesizw1?key=a9d7b2ab045c91688419e8e18a006621

Samsung vice chairman Jay Y. Lee faces nine-year sentence in bribery case

Samsung Electronics vice chairman Jay Y. Lee faces a nine-year prison term in the bribery case that contributed to the downfall of former president Park Guen-hye. Prosecutors argued that the length of the sentence is warranted because of Samsung’s power as the largest chaebol, or family-owned conglomerate, in South Korea.

“Samsung is a group with such overwhelming power that it is said Korean companies are divided into Samsung and non-Samsung,” they said during a final hearing on Wednesday, reports the Korea Herald. The final ruling is scheduled for January 18.

The bribery case is separate from another trial Lee is involved in, over alleged accounting fraud and stock-price manipulation. Hearings in that case began in October.

Hearings begin in Samsung vice chairman Jay Y. Lee’s accounting fraud trial

The bribery case dates back to 2017, when Lee was convicted of bribing Park and her close associate Choi Soon-sil and sentenced to five years in prison. Prosecutors allege the bribes were meant to secure government backing for Lee’s attempt to inherit control of Samsung from his father Lee Kun-hee, then its chairman. The illegal payments were a major part of the corruption scandal that led to Park’s impeachment, arrest and 25-year prison sentence.

Lee was freed in 2018 after the sentence was reduced and suspended on appeal, and returned to work as Samsung’s de facto head, a position he took after his father had a heart attack in 2014.

In August 2019, however, the Supreme Court overturned the appeals court, ruling that it was too lenient, and ordered that the case be retried in Seoul High Court.

The elder Lee, who was reportedly South Korea’s wealthiest citizen, died in October. He was worth an estimated $20.7 billion and under the country’s tax system, and his heirs could be liable for estate taxes of about $10 billion, reported Fortune.

TechCrunch has contacted Samsung for comment.

Samsung chairman dies at age 78

Comments

Post a Comment

Popular posts from this blog

Uber co-founder Garrett Camp steps back from board director role

Uber co-founder Garrett Camp is relinquishing his role as a board director and switching to board observer — where he says he’ll focus on product strategy for the ride hailing giant. Camp made the announcement in a short Medium post in which he writes of his decade at Uber: “I’ve learned a lot, and realized that I’m most helpful when focused on product strategy & design, and this is where I’d like to focus going forward.” “I will continue to work with Dara [Khosrowshahi, Uber CEO] and the product and technology leadership teams to brainstorm new ideas, iterate on plans and designs, and continue to innovate at scale,” he adds. “We have a strong and diverse team in place, and I’m confident everyone will navigate well during these turbulent times.” The Canadian billionaire entrepreneur signs off by saying he’s looking forward to helping Uber “brainstorm the next big idea”. Camp hasn’t been short of ideas over his career in tech. He’s the co-founder of the web 2.0 recommendatio...
Post a Comment
Read more

Leading VCs discuss how COVID-19 has impacted the world of digital health

In December 2019, Extra Crunch spoke to a group of investors leading the charge in health tech to discuss where they saw the most opportunity in the space leading into 2020 . At the time, respondents highlighted startups in digital therapeutics, telehealth and mental health that were improving medical practitioner efficiency or streamlining the distribution of care, amongst a variety of other digital health markets that were garnering the most attention. Where top VCs are investing in digital health In the months since, the COVID-19 crisis has debilitated national healthcare systems and the global economy. Weaknesses in healthcare systems have become clearer than ever, while startups and capital providers have struggled to operate while wide swaths of the market effectively shut down. Given significant volatility and the rapid changes seen in the worlds of healthcare, venture and startups broadly, we wanted to understand which inefficiencies might have been brought to light, w...
Post a Comment
Read more

News-reading app Flipboard expands local coverage, including coronavirus updates, to 12 more U.S. metros

Earlier this year, personalized news aggregation app Flipboard expanded into local news . The feature brought local news, sports, real estate, weather, transportation news and more to 23 cities across the U.S. Today, Flipboard is bringing local news to 12 more U.S. metros and is adding critical coronavirus local coverage to all of the 35 supported locales. The 12 new metros include the following:  Baltimore, Charlotte, Cleveland, Detroit, Indianapolis, Nashville, Pittsburgh, Orlando, Raleigh, Salt Lake City, St. Louis, and Tampa Bay. They join the 23 cities that were already supported:  Atlanta, Austin, Boston, Chicago, Dallas, Denver, Houston, Las Vegas, Los Angeles, Miami, Minneapolis-St. Paul, New Orleans, New York City, Philadelphia, Phoenix, Portland, Sacramento, San Diego, San Francisco Bay Area, Seattle, Toronto, Vancouver and Washington, D.C. To offer local news in its app, Flipboard works with area partners, big and small, like The Plain Dealer’s Cleveland.com , ...
Post a Comment
Read more