The South Korean president pardoned Lee Jae-young, the vice chairman of Samsung Electronics. He will then be able to take back control of Samsung Electronics.
After serving two-and-a-half years in prison on charges of perjury, bribery and embezzlement, Li was released on parole in August 2021. Yoon Suk-year, the Korean President, pardoned Li after he was convicted of bribery, perjury and embezzlement. This comes amid increasing concerns about global inflation and ongoing supply chain problems.
In a Bloomberg statement, the South Korean government stated that Lee Jae-young, Samsung Electronics Vice Chairman, was released from a suspended sentence to help overcome the current economic crisis.
Lee was the vice chairman at Samsung. He has also been the company’s de facto head since Lee Kun-hee died in 2014. After being accused of bribery in 2017, he could spend up to 12 years behind bars. This case was part of a corruption scandal that resulted in the impeachment of former South Korean President Park Geun Hye.
Lee, who has denied all allegations in court, will be subject to overseas travel restrictions under South Korean law. However, the country’s justice minister reportedly has the power to make exceptions.