The heir and de facto leader of the Samsung group received this Friday, August 12, a presidential pardonan example of South Korea’s long tradition of freeing business leaders convicted of financially motivated corruption.
Billionaire Lee Jae-yong, convicted of bribery and embezzlement in January 2021, will be “reinstated” to give him the opportunity to “contribute to overcoming the economic crisis in South Korea”Justice Minister Han Dong-hoon said.
Due to the world economic crisis, the dynamism and vitality of the national economy have deteriorated and a prolongation of the economic recession is feared
read, in ranked 278th on the list of the world’s richest peopleaccording to Forbes, with a net worth of $7.9 billion, was paroled in August 2021, after serving 18 months in jail, just over half of his original sentence.
The pardon announced this Friday will allow him to fully return to work, by lifting a work restriction imposed after his release from prison with a validity of five years.
“Due to the global economic crisis, the dynamism and vitality of the national economy have deteriorated and a prolongation of the economic recession is feared,” the Justice Ministry said in a statement.
Lee’s pardon and that of other similarly pardoned executives is intended to “lead the country’s continued growth engine through active investment in technology and job creation,” it added.
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The 54-year-old tycoon received his pardon along with three other businessmen, including the president of the Lotte Group, Shin Dong-bin.who was sentenced to a suspended prison term of two and a half years in a bribery case in 2018.
In all, the ministry announced 1,693 pardons on the occasion of the anniversary of Liberation Day, which commemorates Japan’s 1945 surrender that ended decades of colonial power in Korea. A pardon was also expected for former President Lee Myung-bak (2008-2013), imprisoned for corruption, but the Justice Minister said politicians were excluded because the economy is “the most urgent and important thing.”
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sense of impunity
Contribute to the economy through continued investment and job creation for youth
It’s a statement, the Samsung leader assured that he wanted to “contribute to the economy through continuous investment and job creation for young people.
Lee Jae-yong is vice president of Samsung Electronics.the largest smartphone manufacturer in the world and whose turnover is equivalent to a fifth of the Gross Domestic Product of South Korea.
He was jailed for crimes related to a massive corruption scandal that brought down former president Park Geun-hye.
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This special reprieve will serve as an opportunity for all South Koreans to work together to overcome the economic crisis.
South Korea has a long history of top tycoons accused of bribery, embezzlement, tax evasion and other crimes, though many end with pardons, suspended or reduced sentences.
South Korean President Yoon Suk-yeol said he hopes “this special pardon will serve as an opportunity for all South Koreans to work together to overcome the economic crisis.”
But analysts like Vladimir Tikhonov, a professor of Korean studies at the University of Oslo, say this allows entrepreneurs to feel “they are not restricted by any law.”
Lee still has another trial pending for alleged accounting fraud during the merger of two conglomerate firms in 2015.
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These legal problems and Lee’s imprisonment have not slowed the performance of Samsung, which announced a 70% increase in profits in the second quarter thanks to the chip market, fueled by the pandemic and the rise of remote work.
“Samsung has operated perfectly well without any reprieve,” Tikhonov said.
“The pardon weakens the rule of law, which is potentially more detrimental than advantageous for operations in any market economy.”
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AFP
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