On Monday, the Seoul High Court, an appellate court, reduced the sentence of Samsung heir Lee Jae-yong to two and a half years from five and suspended the remaining sentence, allowing Lee to walk free after a year in jail on bribery, embezzlement, perjury, and other corruption-related charges. Prosecutors had sought a 12-year sentence for Lee, arguing that he bribed foundations operated by Choi Soon-sil in return for business help from Choi's friend, former President Park Geun-hye, who was impeached and removed from office in a broader corruption scandal. Lee's case will likely be appealed to the Supreme Court now.
The appellate court upheld some of the charges against Lee, meaning that while he may retake his role as de facto chairman of Samsung Electronics, the jewel of the Samsung corporate empire, he won't be able to leave South Korea without permission from a judge. Samsung's share price rose on the news of Lee's release.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
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.
-
2024: The year of conspiracy theoriesIN THE SPOTLIGHT Global strife and domestic electoral tensions made this year a bonanza for outlandish worldviews and self-justifying explanations
-
Five medical breakthroughs of 2024The Explainer The year's new discoveries for health conditions that affect millions
-
Top films coming out in 2025The Week Recommends Pick up some popcorn and settle in for a cinematic treat
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
