• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Articles
  • News
  • Events
  • Advertize
  • Jobs
  • Courses
  • Contact
  • (0)
  • LoginRegister
    • Facebook
    • LinkedIn
    • RSS
      Articles
      News
      Events
      Job Posts
    • Twitter
Datafloq

Datafloq

Data and Technology Insights

  • Categories
    • Big Data
    • Blockchain
    • Cloud
    • Internet Of Things
    • Metaverse
    • Robotics
    • Cybersecurity
    • Startups
    • Strategy
    • Technical
  • Big Data
  • Blockchain
  • Cloud
  • Metaverse
  • Internet Of Things
  • Robotics
  • Cybersecurity
  • Startups
  • Strategy
  • Technical

Samsung leader Jay Y. Lee qualifies for parole, to leave prison this week

Reuters / 2 min read.
August 9, 2021
floq.to/fpaY5

By Joyce Lee and Heekyong Yang

SEOUL (Reuters) -Samsung Electronics Vice Chairman Jay Y. Lee, in jail after convictions for bribery and other charges, has qualified for parole and is expected to leave prison this Friday, South Korea’s justice ministry said.

“The decision to grant Samsung Electronics Vice Chairman Jay Y. Lee parole was the result of a comprehensive review of various factors such as public sentiment and good behavior during detention,” the ministry said in a statement on Monday.

Convicted of bribing a friend of former President Park Geun-hye, Lee, 53, has served 18 months of a revised 30 month sentence. He initially served one year of a five-year sentence from August 2017 which was later suspended. That court decision was then overturned and while the sentence was shortened, he was sent back to jail in January this year.

Support for his parole, both political and amongst the public, had grown amid anxiety that key strategic decisions are not being made at the South Korean tech giant. Samsung and the wider business community also made appeals to the government for his release.

Although the day-to-day running of the world’s biggest memory chip maker and smartphone manufacturer has not been affected by his absence, company sources say decisions on major investment and M&A projects should only be made by Lee.

South Korea’s biggest conglomerates are still owned and controlled by their founding families and there is little precedence for handing over the reins to non-family members even when a senior family member has been jailed.

In particular, a decision on the location of a $17 billion U.S. plant to produce advanced logic chips awaits his return.

The Federation of Korean Industries, a big business lobby, said in a statement that it welcomed the decision to grant Lee parole.

“If the investment clock, currently at standstill, is not wound up quickly, we could lag behind global companies such as (chipmakers) Intel and TSMC and lose the Korean economy’s bread and butter at a moment’s notice.”

While polls showed high public support of around 70% for Lee’s parole, many civic groups have been opposed, accusing the administration of President Moon Jae-In of hypocrisy after it came to power on a wave of anger at corruption among South Korea’s political and business elite.

“If the administration that benefited grants preferential parole for a chaebol owner, we must reconsider the very existence of the Moon Jae-in administration,” said Kim Ju-ho, official at activist group People’s Solidarity for Participatory Democracy, using the local term for large family-owned businesses.

Lee’s legal woes have not been confined to the bribery conviction. He is also on trial in another case, accused of accounting fraud and stock price manipulation connected to a 2015 merger of two Samsung companies.

A South Korean court also decided in June that he should be tried in separate case in which he has been accused of unlawfully using a sedative.

Lee has denied the accusations in both cases.

(Reporting by Joyce Lee, Heekyong Yang and Sangmi Cha; Editing by Edwina Gibbs, Kirsten Donovan)

Categories: News
Tags: BI, government, public, rates

About Reuters

Primary Sidebar

E-mail Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Publish
AN Article
Submit
a press release
List
AN Event
Create
A Job Post

Jobs

  • Software Engineer | South Yorkshire, GB - February 07, 2023
  • Software Engineer with C# .net Investment House | London, GB - February 07, 2023
  • Senior Java Developer | London, GB - February 07, 2023
  • Software Engineer – Growing Digital Media Company | London, GB - February 07, 2023
  • LBG Returners – Senior Data Analyst | Chester Moor, GB - February 07, 2023
More Jobs

Tags

AI Amazon analysis analytics app application Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto customers Data design development digital engineer environment experience future Google+ government health information learning machine learning market mobile news public research security services share skills social social media software strategy technology

News

  • U.S. ‘won’t tolerate’ China’s ban on Micron chips, Raimondo says
  • U.S.-led Indo-Pacific talks produce deal on supply chain early warnings
  • China deletes 1.4 million social media posts in crack down on ‘self-media’ accounts
  • China, South Korea agree to strengthen talks on chip industry – Chinese commerce ministry
  • Twitter cannot hide from EU rules after exit from code, EU’s Breton says
More News

Related Online Courses

  • Oracle Cloud Data Management Foundations Workshop
  • Data Science at Scale
  • Statistics with Python
More courses

Footer


Datafloq is the one-stop source for big data, blockchain and artificial intelligence. We offer information, insights and opportunities to drive innovation with emerging technologies.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Recent

  • 5 Reasons Why Modern Data Integration Gives You a Competitive Advantage
  • 5 Most Common Database Structures for Small Businesses
  • 6 Ways to Reduce IT Costs Through Observability
  • How is Big Data Analytics Used in Business? These 5 Use Cases Share Valuable Insights
  • How Realistic Are Self-Driving Cars?

Search

Tags

AI Amazon analysis analytics app application Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto customers Data design development digital engineer environment experience future Google+ government health information learning machine learning market mobile news public research security services share skills social social media software strategy technology

Copyright © 2023 Datafloq
HTML Sitemap| Privacy| Terms| Cookies

  • Facebook
  • Twitter
  • LinkedIn
  • WhatsApp

In order to optimize the website and to continuously improve Datafloq, we use cookies. For more information click here.

settings

Dear visitor,
Thank you for visiting Datafloq. If you find our content interesting, please subscribe to our weekly newsletter:

Did you know that you can publish job posts for free on Datafloq? You can start immediately and find the best candidates for free! Click here to get started.

Not Now Subscribe

Thanks for visiting Datafloq
If you enjoyed our content on emerging technologies, why not subscribe to our weekly newsletter to receive the latest news straight into your mailbox?

Subscribe

No thanks

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Marketing cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!