Lee Jae Yong is the vice chairman for the notable tech company Samsung Electronics. Latest reports indicate that has been sentenced to 2.5 years imprisonment over guilt of bribery and embezzlement of funds. This incident is directly connected to the scandal that brought down Park Geun -Hye.
That was back in 2017. Jay Y Lee got a five year sentence after the court charged with him bribery. Bribing a confidante of the former President park Geun Hye who is now in prison. Jay Y Lee was later released in 2018 after the appeal court gave him a suspended sentence. Nevertheless the supreme court ordered for his retrial somewhere in 2019.
He was appointed President in 2010 and later became the Vice Chairman in 2012 and has been in position since. On Monday 18th of January 2020 he was charged of this corruption scandal and as guilty as charged was given a 2.5 year sentence at the Seoul Central District Court ruling for the end of his retrial.
“It is very unfortunate that Samsung,the country’s top company and proud global innovator is involved in crimes whenever there is change in political power.”Court Stated.
The Scandal Highlights suspicious connections that was ongoing between big businesses and politics in Korea. With rumors of the expelled president and the friend taking bribes from more corporate magnates in exchange for treatment in their favor.
For now It is clear that Lee would out of action when it comes to relations with the Tech Giant Samsung electronics. He was soon to become Chairman and take up the ultimate role . Meanwhile he confirmed last year in May that his children would not be handed over management rights. And would probably be the last of his line in take management positions in the Korean Tech Company.