The daily business briefing: August 12, 2022

South Korea's president pardons Samsung leader Jay Y. Lee, California's governor unveils a plan to deal with decreasing water supply, and more

Jay Y. Lee, co-vice chairman of Samsung Electronics Co.
Jay Y. Lee, co-vice chairman of Samsung Electronics Co.
(Image credit: SeongJoon Cho/Bloomberg via Getty Images)

1. South Korean president pardons Samsung leader

South Korean President Yoon Suk-yeol pardoned de facto Samsung head Lee Jae-yong, who was released on parole last August after serving prison time for bribing one of Yoon's predecessors. The justice ministry said Lee, also known as Jay Y. Lee, was needed to confront a "national economic crisis." The decision ends a five-year ban on Lee's participation in management of the South Korean conglomerate, and clears him to run the company. Samsung is a leader among a small group of family-owned conglomerates that have helped South Korea become an export powerhouse. One unit, Samsung Electronics, accounts for one-sixth of South Korea's exports. Lee, also known as Jay Y. Lee, was one of nearly 1,700 people pardoned ahead of South Korea's National Liberation Day holiday on Monday.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us