Samsung heir Lee Jae-yong was sentenced to 2.5 years in prison for bribery. An appeals court in South Korea announced the sentence after a lengthy trial involving former President Park Geun-hye. Lee’s confinement came as a shock to the tech giant. This imprisonment will affect Samsung’s revenues and cause a leadership vacuum in the company.
Lee faced legal charges for bribing a partner of former South Korea President Park Geun-hye in a way that allowed Cheil Industries and Samsung C&T to merge to replace his father and successfully control Samsung Electronics.
Lee had previously been sentenced to prison and spent over a year in prison. He returned to his post in 2018. But the Supreme Court sent the case back to the Seoul High Court last year, and its retrial began in October 2019.
Samsung is likely to be appealed again, pending trial by the Supreme Court. However, the verdict and prison sentence will most likely be final, as the Supreme Court has made the decision once before. So you can understand, the Samsung president will be in jail for another 2.5 years.
Lee’s prison sentence will deprive Samsung of leadership, which will make it difficult for the company to run efficiently and compete with rival brands such as Apple. Samsung’s former president Lee Kun-hee died three months ago. Lee Jae-yong, Kun-hee’s son, was invested in a fortune of $ 21 billion and was among the richest in South Korea.
After this prison sentence, Lee Jae-yong is expected not to take the chair of Samsung again. Let’s see how Samsung will solve this crisis.