South Korea’s prime minister said he would recommend to the president a pardon for Jay Y. Lee, vice chairman of the world’s biggest chip maker, Samsung Electronics.
The heir to the world’s second-largest contract chip maker, Jay Y. Lee, was convicted of bribery and embezzlement in January 2021 but got parole in August after serving 18 months of a sentence of 30 months.
Responding to a question in parliament about whether he would recommend that President Yoon Suk-yeol review pardons for key business leaders, including Lee, South Korea’s Prime Minister Han Duck-soo said he would.
If President Yoon agrees, the pardon could come around the time of South Korea’s Independence Day on 15 August, when they are traditionally handed out.
With Jay Y. Lee’s prison term set to end on 29 July 2022, such a pardon would be mostly symbolic, though it would let the business tycoon carry out business activities more freely.
President Yoon declined to respond to reporters’ queries on the topic last week.
Since Lee’s parole, key Samsung moves have included choosing Texas for the US location of a new $17 billion chip plant, the merger of its mobile and consumer electronics divisions, and new co-CEOs in its most significant reshuffle since 2017.
Lee still faces a separate trial over accusations of accounting fraud regarding an $8-billion merger of two Samsung firms in 2015.
Samsung rolls out credit cards in India
Asian e-wallets to expand into S.Korea through Ant’s Alipay
S.Korea issues warrant for Terraform Labs founder, Luna drops nearly 50%
S. Korea cultivates nanotech tattoos as a health monitoring device
South Korean shipping giant HMM to invest $11.5B over 5 years for expansion
© 2022 CIO Bulletin. All rights reserved.