The jailed de facto leader of the giant Samsung group walked free on parole Friday, the latest instance of South Korea's long tradition of freeing business leaders imprisoned for corruption or tax evasion on economic grounds.

Lee Jae-yong,&nbsp;the 202nd richest person in the world according to Forbes, with a net worth of $11.4 billion,&nbsp;was serving a two-and-a-half year prison sentence for bribery, embezzlement and other offences in connection with the corruption scandal that brought down ex-South Korean president Park Geun-hye.

But calls for his early release from both politicians and business leaders grew in recent months over what they claimed was a possible leadership vacuum at the South's biggest conglomerate.

The justice ministry announced Monday he had been paroled,&nbsp;among around 800 early releases,&nbsp;citing concerns over the coronavirus pandemic's impact on the economy.

Lee, 53, bowed to reporters waiting outside a detention centre south of Seoul and told them: "I have caused too much concern to the people. I'm really sorry."

Wearing a black suit, he added: "I'm listening carefully to your worries, criticisms, concerns, and high expectations about me," before he was driven away in a black limousine.

Lee was first jailed for five years in 2017, after Park's ouster, then walked free the following year when an appeals court dismissed most of his bribery convictions and gave him a suspended sentence.

But the Supreme Court later ordered Lee to face a retrial, which convicted and jailed him again.

Nonetheless, Lee remains on trial over alleged stock manipulation that effectively eased his path to take control of the family conglomerate -- the same purpose for which he was convicted of bribing Park.

There is a long history of top South Korea tycoons chaebol figures being charged with bribery, embezzlement, tax evasion, or other offences.

But many of those convicted have subsequently had their sentences cut or suspended on appeal, with some -- including late Samsung chairman Lee Kun-hee, who was convicted twice -- receiving presidential pardons in recognition of their "contribution to the national economy".

"This is undeniably preferential treatment, especially given that a separate trial is still going on," Song Won-keun, an economics professor at Gyeongsang National University, told AFP.

Wealth a factor?&nbsp;

According to justice ministry data, only 0.3 percent of all convicts who were released on parole from 2011 to 2020 served less than 70 percent of their jail terms.

But a rule change came into effect this month cutting the proportion of their sentences prisoners must serve before being eligible for parole to 60 percent -- a mark Lee passed a few weeks ago.

The giant&nbsp;Samsung&nbsp;group is by&nbsp;far&nbsp;the largest of the family-controlled empires known as chaebols that dominate business in South Korea, the world's 12th largest&nbsp;economy.

Its flagship subsidiary Samsung Electronics is the world's biggest smartphone maker.

Chaebol families often have only a small ownership stake in their empires, but maintain control through complex webs of cross-shareholdings between units.

Lee promised last year to end the line of family succession at the firm, saying he would not pass down his role to his children as he bowed in apology for multiple controversies.

His imprisonment has been no barrier to the firm's performance -- it announced a surge of more than 70 percent in second-quarter profits last month,&nbsp;with coronavirus-driven working from home boosting demand for devices using its memory chips.

Regardless, leaders of the country's top four conglomerates -- SK Group, Hyundai Motor Group, LG Group and Samsung -- in June met with President Moon Jae-in to press him to pardon Lee.

Polls also showed an increasing number of South Koreans in favour of granting him parole, with backing from more than 66 percent of respondents in a recent Realmeter survey.

But Vladimir Tikhonov, a professor of Korean Studies at the University of Oslo, took a different view.&nbsp;

"Releasing him does not follow routine law-enforcement practice and suggests that his wealth could have been a factor," he told AFP.

The jailed de facto leader of the giant Samsung group walked free on parole Friday, the latest instance of South Korea's long tradition of freeing business leaders imprisoned for corruption or tax evasion on economic grounds.

The jailed de facto leader of the giant Samsung group walked free on parole Friday, the latest instance of South Korea's long tradition of freeing business leaders imprisoned for corruption or tax evasion on economic grounds. Lee Jae-yong, the 202nd richest person in the world according to Forbes, with a net worth of $11.4 billion, was serving a two-and-a-half year prison sentence for bribery, embezzlement and other offences in connection with the corruption scandal that brought down ex-South Korean president Park Geun-hye. But calls for his early release from both politicians and business leaders grew in recent months over what they claimed was a possible leadership vacuum at the South's biggest conglomerate. The justice ministry announced Monday he had been paroled, among around 800 early releases, citing concerns over the coronavirus pandemic's impact on the economy. Lee, 53, bowed to reporters waiting outside a detention centre south of Seoul and told them: "I have caused too much concern to the people. I'm really sorry." Wearing a black suit, he added: "I'm listening carefully to your worries, criticisms, concerns, and high expectations about me," before he was driven away in a black limousine. Lee was first jailed for five years in 2017, after Park's ouster, then walked free the following year when an appeals court dismissed most of his bribery convictions and gave him a suspended sentence. But the Supreme Court later ordered Lee to face a retrial, which convicted and jailed him again. Nonetheless, Lee remains on trial over alleged stock manipulation that effectively eased his path to take control of the family conglomerate -- the same purpose for which he was convicted of bribing Park. There is a long history of top South Korea tycoons chaebol figures being charged with bribery, embezzlement, tax evasion, or other offences. But many of those convicted have subsequently had their sentences cut or suspended on appeal, with some -- including late Samsung chairman Lee Kun-hee, who was convicted twice -- receiving presidential pardons in recognition of their "contribution to the national economy". "This is undeniably preferential treatment, especially given that a separate trial is still going on," Song Won-keun, an economics professor at Gyeongsang National University, told AFP. Wealth a factor? According to justice ministry data, only 0.3 percent of all convicts who were released on parole from 2011 to 2020 served less than 70 percent of their jail terms. But a rule change came into effect this month cutting the proportion of their sentences prisoners must serve before being eligible for parole to 60 percent -- a mark Lee passed a few weeks ago. The giant Samsung group is by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, the world's 12th largest economy. Its flagship subsidiary Samsung Electronics is the world's biggest smartphone maker. Chaebol families often have only a small ownership stake in their empires, but maintain control through complex webs of cross-shareholdings between units. Lee promised last year to end the line of family succession at the firm, saying he would not pass down his role to his children as he bowed in apology for multiple controversies. His imprisonment has been no barrier to the firm's performance -- it announced a surge of more than 70 percent in second-quarter profits last month, with coronavirus-driven working from home boosting demand for devices using its memory chips. Regardless, leaders of the country's top four conglomerates -- SK Group, Hyundai Motor Group, LG Group and Samsung -- in June met with President Moon Jae-in to press him to pardon Lee. Polls also showed an increasing number of South Koreans in favour of granting him parole, with backing from more than 66 percent of respondents in a recent Realmeter survey. But Vladimir Tikhonov, a professor of Korean Studies at the University of Oslo, took a different view. "Releasing him does not follow routine law-enforcement practice and suggests that his wealth could have been a factor," he told AFP.

Jailed Samsung chief Lee Jae-yong released on parole

Samsung Electronics vice chairman&nbsp;Jay&nbsp;Y.&nbsp;Lee, in jail after convictions for bribery, embezzlement and other charges, has qualified for parole and is expected to leave prison this Friday, South Korea's justice ministry said.

"The decision to grant Samsung Electronics vice chairman&nbsp;Jay&nbsp;Y.&nbsp;Lee&nbsp;parole was the result of a comprehensive review of various factors such as public sentiment and good behavior during detention," the ministry said in a statement on Monday.

Also read |&nbsp;<a href="https://www.wionews.com/world/samsungs-lee-family-set-to-pay-over-10-billion-inheritance-taxes-380962">Samsung's Lee family set to pay over $10 billion inheritance taxes</a>

Convicted of bribing a friend of former President Park Geun-hye,&nbsp;Lee, 53, has served 18 months of a revised 30-month sentence. He initially served one year of a five-year sentence from August 2017 which was later suspended. That court decision was then overturned and while the sentence was shortened, he was sent back to jail in January this year.

Support for his parole, both political and public and from the wider business community, had grown amid anxiety that key strategic decisions are not being made at the South Korean tech giant.

Although the day-to-day running of the world's biggest memory chipmaker and smartphone manufacturer has not been affected by his absence, company sources say decisions on major investment and M&amp;A projects should only be made by&nbsp;Lee.

Also read:&nbsp;<a href="http://13.235.153.162/world/samsung-heir-jailed-for-25-years-over-bribery-357426" hreflang="en">Samsung heir jailed for 2.5 years over bribery</a>

In particular, a decision on the location of a $17 billion US&nbsp;plant to produce advanced logic chips awaits his return at a time when there is a global chip shortage and rivals like TSMC and Intel Corp are making large investments.

The Federation of Korean Industries, a big business lobby, said in a statement that it welcomed the decision to grant&nbsp;Lee&nbsp;parole.

"If the investment clock, currently at standstill, is not wound up quickly, we could lag behind global companies such as Intel and TSMC and lose the Korean economy's bread and butter at a moment's notice."

Lee&nbsp;still needs the Justice Minister to approve his return to work as the law bars persons with certain convictions from working for companies related to those convictions for five years.

He is likely to get that, legal experts say, due to circumstances such as the amount deemed embezzled having been repaid.

Also read:&nbsp;<a href="http://13.235.153.162/world/south-korea-holds-final-hearing-in-samsung-leader-jay-y-lees-graft-trial-353333" hreflang="en">South Korea holds final hearing in Samsung leader Jay Y Lee's graft trial</a>

Samsung Electronics declined to comment.

High Support

South Korea's biggest conglomerates are still owned and controlled by their founding families and there is little precedence for handing over the reins to outsiders even when a senior family member has been jailed.

While polls showed high public support of around 70 per cent for&nbsp;Lee's parole, many civic groups have been opposed, accusing the administration of President Moon Jae-In of hypocrisy after it came to power on a wave of anger at corruption among South Korea's political and business elite.

"If the administration that benefited grants preferential parole for a chaebol owner, we must reconsider the very existence of the Moon Jae-in administration," said Kim Ju-ho, an official at activist group People's Solidarity for Participatory Democracy, using the local term for large family-owned businesses.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-south-korea-jails-samsungs-heir-357581/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Lee's legal woes have not been confined to the bribery conviction. He is also on trial accused of accounting fraud and stock price manipulation connected to a 2015 merger of two Samsung companies.

A South Korean court also decided in June that he should be tried in a separate case in which he has been accused of unlawfully using a sedative.

Lee&nbsp;has denied the accusations in both cases.

Samsung Electronics vice chairman Jay Y. Lee, in jail after convictions for bribery, embezzlement and other charges, has qualified for parole and is expected to leave prison this Friday, South Korea's justice ministry said.

Samsung Electronics vice chairman Jay Y. Lee, in jail after convictions for bribery, embezzlement and other charges, has qualified for parole and is expected to leave prison this Friday, South Korea's justice ministry said. "The decision to grant Samsung Electronics vice chairman Jay Y. Lee parole was the result of a comprehensive review of various factors such as public sentiment and good behavior during detention," the ministry said in a statement on Monday. Also read | Samsung's Lee family set to pay over $10 billion inheritance taxes Convicted of bribing a friend of former President Park Geun-hye, Lee, 53, has served 18 months of a revised 30-month sentence. He initially served one year of a five-year sentence from August 2017 which was later suspended. That court decision was then overturned and while the sentence was shortened, he was sent back to jail in January this year. Support for his parole, both political and public and from the wider business community, had grown amid anxiety that key strategic decisions are not being made at the South Korean tech giant. Although the day-to-day running of the world's biggest memory chipmaker and smartphone manufacturer has not been affected by his absence, company sources say decisions on major investment and M&A projects should only be made by Lee. Also read: Samsung heir jailed for 2.5 years over bribery In particular, a decision on the location of a $17 billion US plant to produce advanced logic chips awaits his return at a time when there is a global chip shortage and rivals like TSMC and Intel Corp are making large investments. The Federation of Korean Industries, a big business lobby, said in a statement that it welcomed the decision to grant Lee parole. "If the investment clock, currently at standstill, is not wound up quickly, we could lag behind global companies such as Intel and TSMC and lose the Korean economy's bread and butter at a moment's notice." Lee still needs the Justice Minister to approve his return to work as the law bars persons with certain convictions from working for companies related to those convictions for five years. He is likely to get that, legal experts say, due to circumstances such as the amount deemed embezzled having been repaid. Also read: South Korea holds final hearing in Samsung leader Jay Y Lee's graft trial Samsung Electronics declined to comment. High Support South Korea's biggest conglomerates are still owned and controlled by their founding families and there is little precedence for handing over the reins to outsiders even when a senior family member has been jailed. While polls showed high public support of around 70 per cent for Lee's parole, many civic groups have been opposed, accusing the administration of President Moon Jae-In of hypocrisy after it came to power on a wave of anger at corruption among South Korea's political and business elite. "If the administration that benefited grants preferential parole for a chaebol owner, we must reconsider the very existence of the Moon Jae-in administration," said Kim Ju-ho, an official at activist group People's Solidarity for Participatory Democracy, using the local term for large family-owned businesses. Lee's legal woes have not been confined to the bribery conviction. He is also on trial accused of accounting fraud and stock price manipulation connected to a 2015 merger of two Samsung companies. A South Korean court also decided in June that he should be tried in a separate case in which he has been accused of unlawfully using a sedative. Lee has denied the accusations in both cases.

Samsung leader Jay Y. Lee granted parole, to leave prison on Friday

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Jailed Samsung chief Lee Jae-yong released on parole

Samsung leader Jay Y. Lee granted parole, to leave prison on Friday