Samsung’s heir, set to spend 12 years behind bars

World News Nilgun Salim
https://stocknewsusa.com/wp-content/uploads/2017/08/95027290_leereutersguards.jpg

The South Korean Prosecutor’s Office has revealed on Monday that Samsung’s heir will be sentenced to 12 years in prison for his contribution in the corruption scandal that led to the resignation of former President Geun-Hye, writes AFP.

Lee Jae-Yong, vice president of Samsung Electronics and son of Samsung’s chairman Lee Kun-Hee, is accused of offering a bribe to the former president’s assistant.

Lee Jae-Yong was the “last beneficiary” of the crimes committed during the scandal, the prosecutor has stated.

Lee is being charged with four other members of the South Korean’s company leading board for deliberately offering millions of dollars in order to obtain political favors, especially to determine the South Korean authorities to give their approval for a controversial merger from 2015.

“The defendants have maintained close ties with the power and tried to obtain personal benefits,” the prosecutor said.

Samsung Electronics vice president and chairman of the group, Lee Jae-Yong, 48, is accused of offering 35 million euros to a company and several foundations founded by Choi Soon-sil, an old friend of President Park Geun-hye in order to finalize the deal related to the controversial merger of Samsung’s two subsidiaries in 2015.

He is the currently the only leader of Samsung after his father suffered a heart attack in 2014.

Lee Jae-Yong’s arrest is a serious blow for Samsung, the world’s largest smartphones maker, memory chips and flat screen TV’s.