THE HEIR APPARENT to the not-inconsiderable Samsung fortune has been jailed for five years on bribery charges.
Lee Jae-yong (also known as Jay Y Lee) was jailed alongside South Korea's former president, Park Geun-hye, who between them boast bribery, embezzlement and overseas money laundering among their accomplishments.
It is understood that Mr Lee gave "donations" of £29m to a series of not-for-profit organisations set up by Choi Soon-sil, a friend of the former president, in return for government support for a planned restructuring of the Samsung board which would give Mr Lee greater powers.
His defence team denied Mr Lee's culpability saying he had no knowledge of the payments.
Mr Lee had already confessed to giving Choi's daughter, Chung Yoo-ra, a horse and money to aid her burgeoning equestrian career, but says that he wasn't after anything, despite appearances to the contrary, such as the charitable donations and the fact that Ms Cheung is young, pretty and has fairly good career prospects.
Two other Samsung executives have already ‘gawn dahn' for their part in things, with Choi Gee-sung and Chang Choong-ki both sentenced to four years in prison. Ms Choi has already been given a three-year term for her part.
The current president of South Korea, Moon Jae-in (as if he didn't have enough to worry about), has said that there will be "no more pardons" for company execs and that Lee will have to do his time, but it is understood that his legal team are planning an appeal and are "confident" of overturning the ruling.
Impeached President Park, the real prize in this case, will now have all this lovely evidence rolled into her case, which is ongoing and likely to lead to more jail time. (Remember kids, bad Presidents DO get impeached eventually).
It's not clear who will run Samsung now. Mr Lee's father has been on sick leave following a heart attack in 2014, and although Mr Lee has two daughters, it's not known if they're considered Chairman material. Samsung shares went down one percent on the verdict.
Samsung shares went down one per cent on the verdict. It would probably be even more but it has been countered by the release of the Note 8. But then again, they also borked all their tellies with a firmware update so we're back to honours even. µ
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