Convicted corruption heir of Samsung, received Presidential Pardon
He had been imprisoned twice
One of South Korea’s most powerful “white collar” criminals has received a special Presidential Pardon. The reason for the successor of Samsung, Lee Jae-yong, who was convicted in 2017 for bribery and misuse of money, a case that also led to the conviction and imprisonment of the then President of the country.
The South Korean government tried to justify this move by saying that ” the leader of the country’s largest company should be at the helm to lead the economic recovery after the pandemic “.
The “Prince of Samsung” bribed President Park Geun-Hye with $8 million to proceed with a company takeover despite shareholder backlash. When the scandal was revealed, huge protest rallies took place every weekend demanding an end to corruption. Park was sentenced to 25 years in prison. Lee was jailed a year later on charges that he embezzled company funds to buy an $800,000 horse for the President’s daughter.
The new President of South Korea, in the last days of his term granted Grace to Park, while now, eight months later, the current President of the country has done the same for the head of Samsung.
Lee’s case has outraged the country’s citizens, as it confirms the common sentiment that the heads of big business are above the law. The ten largest companies in Korea control 80% of the Gross National Product (GDP), with Samsung being the largest and most powerful of them.
After the Korean War, South Korea heavily supported big business with cheaper electricity and tax incentives. And while the immediate result was a rapid economic growth of the country, in the long term it led to monopolies, the restriction of labor movements and decades of bribery and corruption.
Lee was initially jailed, freed on appeal, jailed again when the high court asked for a retrial and then released on parole, which the government says is in the national interest. He has since returned as the public face of Samsung and in May met with US President Joe Biden. He is now free due to the Presidential Pardon.
