South Korea court rules 5-year jail term for Samsung Vice Chairman Jay Y. Lee

A South Korean court has found Samsung Vice-Chairman and heir Jay Y. Lee guilty of bribery, embezzlement and perjury on Friday and was sentenced to five years in prison. Lee was arrested in February on a string of charges connected to the corruption scandal that rocked South Korea last year and brought about the impeachment of now former President Park Geun-hye.

The Seoul Central District Court ruled Lee, 49, had paid bribes in order to secure support from the then-president for a merger between two Samsung subsidiaries. He was convicted of embezzling 6.4 billion won ($5.7 million) and providing false testimony during his trial as well. Prosecutors demanded a 12-year prison term for the Samsung heir, who denied all charges.

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About Jay Y Lee

Jay Y. Lee is a South Korean business magnate and the vice chairman of Samsung Group, serving as de facto head. He is the eldest child and only son of Lee Kun-hee, Chairman of Samsung, and is widely considered to be his father’s future successor. He is referred to as the “Crown Prince of Samsung” by the South Korean media. Lee is estimated to be worth US$7.9 billion, making him the third wealthiest person in South Korea.

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