South Korea pardons Samsung CEO to help ‘overcome economic crisis’

Heir and de facto leader of the group Samsung received a presidential pardon, an example of a long tradition South Korea release business leaders convicted of financially motivated corruption.

billionaire Lee Jae Youngconvicted of bribery and embezzlement in January 2021 will be “reinstated” to enable him to “contribute to the economic crisis in South KoreaThis was stated by Minister of Justice Han Dong Hoon.

Lee, ranked 278th on Forbes’ list of the world’s richest people with a net worth of $7.9 billion, was released on parole in August 2021 after serving 18 months in prison, just over half of his original sentence.

The pardon, announced this Friday, will allow him to return to work fully, lifting a five-year work ban imposed after his release from prison.

“Due to the global economic crisis, the dynamics and viability of the national economy have deteriorated, and there are fears that the economic downturn will continue,” the Ministry of Justice said in a statement.

The pardons for Lee and other executives similarly pardoned aim to “lead the engine of the country’s continued growth through active investment in technology and job creation,” he added.

The 54-year-old tycoon received pardons along with three other businessmen, including Lotte Group chairman Shin Dong Bin, who was given a two-and-a-half-year suspended sentence in 2018 in a bribery case.

In total, the ministry announced pardons for 1,693 people on Monday’s anniversary of Liberation Day, which marks Japan’s surrender in 1945, ending decades of colonial rule in Korea.

A pardon was also expected for former president Lee Myung-bak (2008-2013), imprisoned for corruption, but the justice minister said politicians were excluded because the economy is “most urgent and important.”

sense of impunity

In a statement by the head Samsung he said he wanted to “contribute to the economy through continued investment and job creation for young people.”

Lee Jae Young is vice president Samsung Electronicsthe largest smartphone manufacturer in the world, with a turnover equivalent to a fifth of gross domestic product South Korea.

He was imprisoned for crimes related to a major corruption scandal that ousted former President Park Geun-hye.

South Korea It has a long history of accusing high-profile tycoons of bribery, embezzlement, tax evasion and other crimes, though many end up with pardons, suspended or reduced sentences.

South Korean President Yoon Suk-yeol expressed his hope that “this special pardon will serve as an opportunity for all South Koreans to work together to overcome the economic crisis.”

But analysts such as Vladimir Tikhonov, a professor of Korean studies at the University of Oslo, say it allows entrepreneurs to feel “they are not limited by any law.”

Lee faces another trial for accounting fraud during a 2015 merger between the conglomerate’s two firms.

These legal issues and Lee’s imprisonment haven’t slowed things down. Samsungwhich announced a 70 percent increase in second-quarter earnings thanks to a chip market fueled by the pandemic and the teleworking boom.

“Samsung He worked perfectly without any pardon,” Tikhonov said. “A pardon weakens the rule of law, which is potentially more harmful than helpful for operations in any market economy.” (AFP)

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