Samsung Boss Leaves Jail

Samsung vice-chairman, Lee Jae-yong, has regained his freedom after spending 18 months in jail.

Lee was released on Friday, a year before his initial 30-month sentence, was set to end.

THE WHISTLER previously reported that he was involved in a corruption scandal which ended the government of former South Korean President Park Geun-hye and saw her receiving a 20-year prison sentence and an 18 billion won fine in 2016.

Lee had allegedly attempted to persuade the President to ease his succession as Head of the Samsung empire from his father, Lee Kun-hee, who was hospitalized and later died of a heart attack in 2014.

It was ruled by the court that he, “actively provided bribes and implicitly asked the president to use her power to help his smooth succession”.

According to Sky News, Lee appeared outside the Seoul Detention Center, wearing a dark grey suit and looking visibly thinner than when he was detained.

“I’ve caused much concern for the people. I deeply apologise. I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard”, he said to journalists waiting outside the detention centre.

He made this statement in reference to reports that executive decisions could not be made at Samsung due to his absence.

The company is one of the world’s largest makers of smartphones and computer chips. The chips have been at the centre of a global centre linked to the COVID-19 crisis, that has held up production of various goods like cars, game consoles, etc.

Lee is among 810 other prisoners who were granted parole on the occasion of South Korea’s Liberation Day, which celebrates the liberation of the country from Japanese imperial rule in 1945.

Critics of Lee’s release, however, will argue that it demonstrates Samsung’s extraordinary influence over South Korea’s political establishment.

The importance of Samsung to South Korea’s economy had seen support for his parole grow amid anxiety that major strategic decisions were not being made to boost the firm’s competitiveness.

Samsung, which accounts for almost a fifth of South Korea’s stock market value alone, is for example yet to reveal the location for a planned $17bn factory in the United States to produce advanced logic chips – lagging similar investments by rivals including Intel.