News Nation Logo


Samsung heir Lee Jae-yong sentenced to five years in prison on corruption charges in bribery scandal

A Court In South Korea Has Sentenced Samsung's Billionaire Heir-apparent Lee Jae-yong To Five Years In Prison For Corruption. Mr Lee Was Charged With Bribery In A Scandal That Also Saw The Impeachment Of South Korea's Former President.

News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 25 Aug 2017, 12:36:57 PM
Samsung heir-apparent Lee Jae-yong

New Delhi:

A court in South Korea has sentenced Samsung's billionaire heir-apparent Lee Jae-yong to five years in prison for corruption. Mr Lee was charged with bribery in a scandal that also saw the impeachment of South Korea's former president.

The case has led to a feeling of anger and deceit among the public against South Korea's biggest companies, known as chaebols. Mr Lee, who denied all charges, had faced a jail sentence of up to 12 years.

Jay Y Lee, the heir apparent to the world's largest smartphone maker had been detained since February on a string of corruption charges. These included including bribery, embezzlement and hiding assets overseas.

He was accused of giving donations worth 41bn won to non-profit foundations operated by Choi Soon-sil, a friend of South Korea's former President Park Geun-hye, in return for political favours. A lawyer for Mr Lee said they will appeal against the decision. "We are confident the ruling will be overturned," lawyer Song Wu-cheol told reporters after the ruling, according to Reuters

For all the Latest Business News, Download News Nation Android and iOS Mobile Apps.

First Published : 25 Aug 2017, 12:36:57 PM

Related Tags: