Lee Jae-yong, the heir of South Korea’s biggest business conglomerate and chairman of Samsung Electronics, has been appointed executive chairman. The appointment follows his release from prison where he was serving a sentence for bribery and other charges. Lee Jae-yong, who is also known as Jay Y. Lee was convicted of bribery in 2017 and sentenced to five years in prison for offering $38 million in bribes to former South Korean President Park Geun-hye. The sentence was reduced by a third earlier this year, but he remained behind bars pending an appeal.
The appeals court ruled that Lee had no intention of becoming president when he offered the bribes. It said there was no evidence that Park sought or received personal gains from her relationship with Samsung executives or anyone else involved in the scandal. Lee Jae-yong has been appointed as vice-chairman of Samsung Electronics, despite serving a jail sentence for bribery. The court ruling came as South Korea prepares to hold its presidential election on May 9, with President Moon Jae-in seeking a second term in office. The court said Lee had no intention of becoming president when he offered bribes, and that there was no evidence Park sought or received personal gains from her relationship with Samsung executives or anyone else involved in the scandal.