Samsung boss released early from prison to save South Korean economy
On Friday, the heir and de facto boss of South Korean tech giant Samsung, Lee Jae-Yong, was released early from prison in Seoul. Justice Minister Park Beom-kye will receive that favor “through the national economic situation due to the corona pandemic”.
Lee Jae-Yong, who has a fortune of 11.4 billion dollars, was sentenced to two years and six months in prison. The same corruption process led to the impeachment and imprisonment of former President Park Geun-Hye. “I have caused too much trouble for people. I’m really sorry,” Lee-Jae-Yong said as he left the prison.
The vice-chairman of Samsung Electronics will be released on parole “due to the national economic situation caused by the corona pandemic,” Justice Minister Park Beom-kye said Monday. Officially, Lee Jae-Yong is the vice president of Samsung Electronics. But de facto, it is he who took over the leadership of Samsung after his father, Lee Kun-hee, stepped aside due to health problems. His father passed away in October.
In recent months, more and more calls have been made for the early release of the Samsung heir. Politicians and business leaders are concerned about the impact of the pandemic on the South Korean economy.
His release should address concerns about the decision-making process at Samsung, one of the largest smartphone and chip makers worldwide.