The Vice President of Samsung Electronics Lee Jae-yongaka Jay Y. Lee, has received a presidential pardon from South Korea last Friday according to the Financial Times. It is a symbolic step, but it will allow him to take definitive control of the company. Lee, who is the de facto leader of Samsung, was paroled and released from prison last August 2021, after serving 18 months of a five-year sentence by perjury, bribery and embezzlement.
This pardon, granted by the President of South Korea, Yoon Suk-yeol, comes amidst a climate of fear in the country over global inflation and ongoing supply chain problems due to the zero tolerance policy of China facing COVID-19. In fact, the pardon that they have granted him is, as the South Korean government has confirmed, for the current situation. The country’s authorities have stated that “In a bid to overcome the economic crisis by revitalizing the economy, Samsung Vice Chairman Lee Jae-yong, whose prison term recently ended, will be reinstated«.
Apparently, the special pardon given to business leaders in South Korea, like the one given to Lee, is given in light of their roles in leading the nation’s growth through investment in technology and the creation of of employment, will help overcome the national economic crisis.
Lee was Vice President of Samsung, and had acted as its de facto leader since his father, Lee Kun-Hee, suffered a heart attack in 2014. In 2017, he was charged with perjury and bribery, charges for which he faced 12 years in prison. . His case is part of a corruption scandal that led to the impeachment of former South Korean President Park Geun-hye. Lee, who has always denied the accusations in court, would not be able to work after he was sentenced for five years, and was restricted from traveling abroad under South Korean law. But the South Korean Justice Department apparently has the power to grant exceptions, like the ones Lee will receive.
The pardon will also erase the criminal record of the manager, who is currently 54 years old, corresponding to the crimes for which he was sentenced in 2017. In addition, with this pardon, Lee will be able to participate in management tasks and will have the right to work, so you will be able to practice at Samsung again. With this, the group is expected to speed up its decision-making in its main strategic lines, which range from chip manufacturing to the approval of investment plans.
The group does not have a president as such after Lee’s father passed away in October 202. With this pardon, Lee could finally be appointed President of Samsung. In any case, his return to the company is seen as a potential source of stability, as well as being a very popular political move. The manager has welcomed the pardon, but his legal troubles may not be over yet, as he still has to face an allegation of stock manipulation in connection with the merger of two Samsung subsidiaries.