South Korean government pardons Samsung vice president

The South Korean government will try with the help of Lee Jae Yong to overcome the economic crisis.

South Korean President Yoon Suk-yeol pardoned Samsung Electronics Vice President Lee Jae-yong and cleared him of bribery charges. Engadget reported this on Friday, August 12.

Li was reportedly sentenced to five years in prison in 2017 after being found guilty of bribing government officials to support the merger of two Samsung affiliates. Lee was released after a year in prison, but South Korea’s Supreme Court overturned the decision and ordered a retrial.

In another instance, Li was sentenced to two and a half years in prison in early 2021 during a retrial, but was released on parole six months later.

Now, the presidential pardon allows Lee to rejoin Samsung’s board and travel abroad to close deals.

Previously, Lee Jae Yong was not allowed to hold an official post at Samsung on parole, although company executives kept him updated on the latest developments. According to Bloomberg, Li will be able to make important strategic decisions for the company.

The South Korean government said in a statement that the vice president of Samsung Electronics will be reinstated to try to overcome the economic crisis by reviving the economy.

Lee Jae Yong is the son of former Samsung CEO Lee Gong Hee, who passed away in October 2020. He is also the grandson of company founder Lee Byung-cheolyu.

After Lee Gun Hee’s death, his family had to pay more than $10 billion in taxes. The heirs also said they would donate 1 trillion won ($900 million) and about 23,000 works of art, worth about 2 trillion won ($1.8 billion), to support the fight against viral infections and research on rare childhood diseases.

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