In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage.

Prior to South Korea's annual Liberation Day celebration on August 15, when amnesties are customarily granted, President Yoon Suk-yeol might make the change. According to Yonhap News Agency, the Justice Ministry started a meeting on pardons on Tuesday. Following the discussions, the justice minister will produce a list of candidates for Yoon to accept and have his cabinet confirm.

After being found guilty of bribery and embezzlement in January of last year, Lee, the heir to the second-largest contract chip manufacturer in the world, was granted release in August after completing 18 months of a 30-month sentence.

Prime Minister Han Duck-soo responded in the affirmative when asked in parliament if he would suggest that President Yoon Suk-yeol reconsider pardons for significant corporate figures, including Lee.

(With inputs from agencies)

In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage.

In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage. Prior to South Korea's annual Liberation Day celebration on August 15, when amnesties are customarily granted, President Yoon Suk-yeol might make the change. According to Yonhap News Agency, the Justice Ministry started a meeting on pardons on Tuesday. Following the discussions, the justice minister will produce a list of candidates for Yoon to accept and have his cabinet confirm. After being found guilty of bribery and embezzlement in January of last year, Lee, the heir to the second-largest contract chip manufacturer in the world, was granted release in August after completing 18 months of a 30-month sentence. Prime Minister Han Duck-soo responded in the affirmative when asked in parliament if he would suggest that President Yoon Suk-yeol reconsider pardons for significant corporate figures, including Lee. (With inputs from agencies)

Samsung chief may get presidential pardon so that he can address chip shortage

Lee Jae-yong, the de-facto chairman of South Korea's enormous Samsung company, was found guilty on Tuesday of unlawfully taking the anaesthetic medication propofol, the latest legal setback for the multibillionaire.

The Seoul Central District Court penalised Lee, the vice-chairman of the world's largest smartphone maker Samsung Electronics and the world's 238th richest person, 70 million won ($60,000), according to Yonhap news agency.

Because propofol is less likely to be abused than other prohibited medications, violators are often given fines rather than prison sentences.

It is important to remember that while the sedative is intended for individuals having surgery, it has been known to be taken recreationally in the past.&nbsp;

In recent years, the struggling businessman had taken the medication, which is widely used as anaesthetic, hundreds of times.

Under South Korean law, both persons who receive and those who administer a restricted substance can be penalised.

Lee was granted parole in August after serving 20 months in prison following his conviction on bribery and embezzlement charges.

Prosecutors said in the latest trial that the Samsung vice-chairman took propofol on many occasions between 2015 and 2020 under the premise of skin therapy.

His lawyer, on the other hand, claims that the businessman used the anaesthetic to alleviate psychological stress related to his father's hospitalisation and the continuing legal processes. 
 
(With inputs from agencies)

Lee Jae-yong, the de-facto chairman of South Korea's enormous Samsung company, was found guilty on Tuesday of unlawfully taking the anaesthetic medication propofol, the latest legal setback for the multibillionaire.

Lee Jae-yong, the de-facto chairman of South Korea's enormous Samsung company, was found guilty on Tuesday of unlawfully taking the anaesthetic medication propofol, the latest legal setback for the multibillionaire. The Seoul Central District Court penalised Lee, the vice-chairman of the world's largest smartphone maker Samsung Electronics and the world's 238th richest person, 70 million won ($60,000), according to Yonhap news agency. Because propofol is less likely to be abused than other prohibited medications, violators are often given fines rather than prison sentences. It is important to remember that while the sedative is intended for individuals having surgery, it has been known to be taken recreationally in the past. In recent years, the struggling businessman had taken the medication, which is widely used as anaesthetic, hundreds of times. Under South Korean law, both persons who receive and those who administer a restricted substance can be penalised. Lee was granted parole in August after serving 20 months in prison following his conviction on bribery and embezzlement charges. Prosecutors said in the latest trial that the Samsung vice-chairman took propofol on many occasions between 2015 and 2020 under the premise of skin therapy. His lawyer, on the other hand, claims that the businessman used the anaesthetic to alleviate psychological stress related to his father's hospitalisation and the continuing legal processes. (With inputs from agencies)

South Korea court fines Samsung chief Lee Jae-yong for unlawful sedative use

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

A South Korean court has sentenced him two and a half years of imprisonment. This new development may lead to negative impact on company's business and future plans globally.

Samsung's Vice Chairman Lee Jae-Yong jailed for 2.5 years in bribery case

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Samsung chief may get presidential pardon so that he can address chip shortage

South Korea court fines Samsung chief Lee Jae-yong for unlawful sedative use

Jailed Samsung chief Lee Jae-yong released on parole

Samsung's Vice Chairman Lee Jae-Yong jailed for 2.5 years in bribery case