(ANSA) - SEUL, 12 AUG - The heir and de facto leader of the Samsung group today received the presidential pardon, the latest example of a South Korean tradition of leniency towards large patrons convicted of corruption and other financial crimes.
Billionaire Lee Jae-yong, convicted of bribery and embezzlement last January, will be "reinstated" to "help overcome the South Korean economic crisis," said Justice Minister HanDong-hoon.
Lee, 54, the 278th richest person in the world according to Forbes, was released on parole in August 2021 after serving 18 months in prison, just over half of his original sentence.
Today's pardon will allow him to return to full employment, revoking the ban on work that was imposed on him by the court for a period of five years after his prison sentence.
"Due to the global economic crisis, the dynamism and vitality of the national economy have worsened and it is feared that the economic crisis will take a long time", said the Ministry of Justice in a note.
The ministry hopes that the businessman can "lead the country's growth engine by actively investing in technology and creating jobs".
Lee Jae-yong was pardoned along with three other businessmen, including Lotte group chairman Shin Dong-bin, who received a two-and-a-half-year prison sentence with suspended sentence in a bribery case in the country. 2018. Lee is the vice president of Samsung Electronics, the world's largest smartphone maker.
The conglomerate's combined revenue is equivalent to one-fifth of South Korea's gross domestic product. He's been jailed for crimes related to a huge corruption scandal that brought down former President ParkGeun-hye.
It is not uncommon for top South Korean tycoons to be accused of corruption, embezzlement, tax evasion or other illegal business activities.
(HANDLE).
who received a two-and-a-half-year prison sentence with suspended sentence in a corruption case in 2018. Lee is the vice president of Samsung Electronics, the world's largest smartphone maker.
The conglomerate's combined revenue is equivalent to one-fifth of South Korea's gross domestic product. He's been jailed for crimes related to a huge corruption scandal that brought down former President ParkGeun-hye.
It is not uncommon for top South Korean tycoons to be accused of corruption, embezzlement, tax evasion or other illegal business activities.
(HANDLE).
who received a two-and-a-half-year prison sentence with suspended sentence in a corruption case in 2018. Lee is the vice president of Samsung Electronics, the world's largest smartphone maker.
The conglomerate's combined revenue is equivalent to one-fifth of South Korea's gross domestic product. He's been jailed for crimes related to a huge corruption scandal that brought down former President ParkGeun-hye.
It is not uncommon for top South Korean tycoons to be accused of corruption, embezzlement, tax evasion or other illegal business activities.
(HANDLE).
The conglomerate's combined revenue is equivalent to one-fifth of South Korea's gross domestic product. He was jailed for crimes related to a huge corruption scandal that brought down former President ParkGeun-hye.
It is not uncommon for top South Korean tycoons to be accused of corruption, embezzlement, tax evasion or other illegal business activities.
(HANDLE).
The conglomerate's combined revenue is equivalent to one-fifth of South Korea's gross domestic product. He was jailed for crimes related to a huge corruption scandal that brought down former President ParkGeun-hye.
It is not uncommon for top South Korean tycoons to be accused of corruption, embezzlement, tax evasion or other illegal business activities.
(HANDLE).
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