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Samsung vice-chairman sentenced to five years in prison

A South Korean court has found Samsung vice-chairman Lee Jae-yong guilty of corruption.

The Samsung heir was accused of paying a 43 billion won bribe to secure a merger between Cheil Industries and Samsung C&T. The court handed Jae-yong a five year prison sentence.

The vice-chairman was found guilty on charges of bribery, embezzlement and perjury.

That bribe was disguised as a donation that would fund the dressage lessons for the daughter of Choi Soon-sil, a close friend of former South Korean president Park Geun-gye who faces a corruption case of her own. A verdict on Geun-gye’s case will be delivered in October.

The vice-chairman’s legal team will appeal the decision according to a report by Financial Times. Jae-yong has been in prison since February.

Of course now that the heir to the Samsung empire has been convicted the question on everybody’s lips is what will happen to the firm. Truth be told the firm has been getting along just fine since this debacle flared up last year.

Samsung became the most profitable technology company in the world last quarter raking in quarterly profits of $9.9bn, surpassing its biggest rival in the smartphone market, Apple.

 

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