South Korean President Yoon Seok-yeol has pardoned Samsung heir and Vice President Lee Jae-yong. on Friday, with The Ministry of Justice says business A leader was needed help Overcoming “national Economic crisis.”
The move Extends in South Korea history of leniency with convicts business Big business and major white collar crimes.
Pardon is largely symbolic, with Mine already out on Parole after serving 18 months in jail for bribery former President Park Geun is a part of it of Massive corruption scandal that led to mass protests and brought down Parks government in 2017.
However, analysts said the amnesty should It means that Li will be able to bear it out business Activities with Fewer legal restrictions, and could herald some big investment from Samsung.
Minister of Justice Han Dong-hoon announced the amnesty of The business Entrepreneurs aimed to “overcome the economic crisis through encouragement business activity.” Yoon earlier told reporters that a pardon could happen help Create a “breathing chamber” for struggling local livelihoods.
Technology-driven and export-oriented South Korea, the fourth largest in Asia economy wrestle with High inflation, weak demand, bad sentiment and slow spending.
I have an heir of Founding Samsung family said he expresses his sincere gratitude for “Receive a chance start again.”
He pledged in a statement issued via Samsung work hard for The national economy “with Continuous investment and career creation. “
“I want To express my apologies for cause fear for many people Because of my flaws. I will work Much more difficult than fulfilling my responsibilities and duties as an entrepreneur.
Lee, 54 years old runs Samsung group in As Vice President of Samsung Electronics, one of The world’s largest makers of computer memory Chips and smartphones.
Mine – who he have net worth of $7.9 billion was issued, according to Forbes on Parole in August 2021 with a year left on 30 months old term. Pardon confirms Samsung’s massive influence over country depends on that it technology exports.
The pardon was made so that Lee – and other top executives who were pardoned on Friday – could “lead continuous country growth through the engine active investment in technology and creation of a statement of the Ministry of Justice said.
There were three high-ranking executives also pardoned by pro-business Yoon, including Lotte Group Chairman, Shin Dong Bin, who He was sentenced to two years and-half-year prison sentence or judgment on in 2018 on shipment of bribery also Park related.
Shen will do so, Lotte said in a statement also help in “Overcome the pool global crisis.”
They were among nearly 1700 people – Including prisoners with Deadly diseases and those near the end of they terms – on amnesty list, the ministry said in the future of Monday, national holiday Celebrating the liberation of Korea from Japanese colonialism rule .in the end of World War II.
pardon the other business The leaders were Zhang Sae-ju, the chief of Dongkuk Steel Factory, former STX Group Chairman Kang Duk Soo.
political crimes
Park herself was pardoned of late last year by her successor, liberal president Moon Jae-in who struggle for follow Across on campaign vows to clean up business And the politics.
survey last The month combined with four surveys showed that 77% of Survey respondents favored pardoning the Samsung leader, despite previous protests.
‘(which – which support) apparently because current Economic situation, but people also He seems to believe in The part that I had somewhat in It is a position he cannot ignore off pressure from former Eum Kyung said-youngPolitician commentator Based on in flood.
While business Groups including Korea Chamber of Trade and Industry and the Federation of Korean Enterprises welcomed the amnesty for Lee, civil rights groups criticized the amnesty for Yun for business men.
“Yoon Seok Yeol’s management… it’s finally just Aims for country only for Rich people “solidarity of the people for Participatory democracy said in a permit.
Another prison former It was expected that President Lee Myung-bak would be pardoned after Yoon raised this possibility in June, but in the end it was not on The list. He was arrested in 2018 and sentenced to 17 years in prison for Corruption, embezzlement and bribery.
behind in business
Analysts have long predicted decisions on Major projects and investments once you return me, with Company sources say like this decisions should just be made by me.
Park Joo said, “This removes the employment restrictions that I was technically subject to.” head of research Company Leaders Index. “And projects that Samsung has been pursuing, such as major mergers and acquisitions or investments, could be linked to the amnesty.”
Even before receiving the presidential pardon, Lee returned to the spotlight and appeared in mayo with President Yoon and US President Joe Biden when they visit Samsung’s Pyeongtaek chip production facilities.
he has also visited Europe in June to meet Peter Wenenke, CEO of ASML Holding NV, to discuss adoption of key high quality chip equipment.
Last November, Samsung on Location of Taylor, Texas of a new A $17 billion chip factory.
This was hinted at by senior Samsung executives earlier year In a potential upcoming acquisition activity. Samsung Electronics hasn’t done a high-profile deal since it completed purchase of acoustic electronics maker HARMAN for 8 billion dollars in 2017.
Although macroeconomic factors such as a demand shrinkage may weigh on investment decisionsSamsung has a huge war chest.
Samsung Electronics cash The balance increased slightly to 125 trillion won ($95.13 billion) of End of June, from 111 trillion a year earlier.
While experts tell me now can more Share freely in management, his legal problems still exist due to the ongoing trial where he faces risk of back to jail if found sinner of shipment of Fraud and stock manipulation.
Involved in Samsung Electronics is closed up 0.5% vs. 0.2% for the KOSPI rise. Lotte Corp shares they were down 0.6%.
