Samsung heir jailed for five years on corruption

Seoul

Samsung heir Lee Jae-Yong has been sentenced to five years in prison for bribery, perjury and other crimes.
The Seoul Central District Court on Friday convicted Lee, 49, the vice-chairman of Samsung Electronics, the world’s largest smartphone maker, of offences related to the corruption scandal that brought down ousted president Park Geun-Hye. Lee Jae-Yong’s penalty could leave the giant firm rudderless for years and hamper its ability to make key investment decisions.
Lee Jae-Yong, the son of Samsung group chairman Lee Kun-Hee, has been groomed all his life to take over the giant conglomerate founded by his grandfather in 1938.
It is by far the largest of the chaebols, the family-controlled firms that dominate Asia’s fourth-largest economy.

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