Search Results for: lee jae-yong

Lee got caught up in a political prosecution of former President Park Geun-hye, so everyone kind of knew he would eventually get released early and now it has happened:

The justice ministry said Monday it will release jailed Samsung heir Lee Jae-yong on parole later this week, a decision fiercely protested by civic groups and welcomed by Samsung Group and other business leaders.

The vice chairman of Samsung Electronics Co. has been serving time since he was sentenced to 2 1/2 years in prison by the Seoul High Court on Jan. 18 in a retrial of a bribery case involving former President Park Geun-hye. (……)

The ministry considered “the country’s economic situation and the conditions of the global economy amid the prolonged COVID-19 pandemic” as factors behind the decision, Park said in a briefing.

Yonhap

You can read more at the link.

Notice that if the media speculates or even reports facts about the Moon administration they go to jail, but if the media speculates about Lee Jae-yong it is perfectly acceptable:

Samsung Electronics on Sunday appealed to the press not to release “groundless” or “speculative” reports centering on Samsung’s de facto leader Lee Jae-yong, who is being questioned over possible legal violations in the controversial 2015 merger of two affiliates and an accounting fraud to cement his control over the group.

The appeal, which also highlighted Samsung’s contribution to the Korean economy, came a day before the court holds a hearing Monday to decide whether to issue the arrest warrant. Prosecutors on Thursday requested a warrant to detain Lee after he, along with other Samsung executives, requested that prosecutors convene a panel of outside experts to decide the validity of the investigation.  

“Samsung is in a crisis,” said the statement Sunday. “Recently, press reports that haven’t been confirmed or those based on suspicious sources continue to be released. Some of them are based on the premise Lee is guilty. Please refrain from immoderate reports that aren’t based on the truth. The damage imposed on Samsung, its executives and staff members from those reports is not small.”

Joong Ang Ilbo

You can read more at the link. I have no idea if Lee is guilty of what he is accused of, but what I do know is that Korea is a rule by law nation instead of a rule of law nation. If powers that be want him guilty they can likely make it happen unless Lee gives them what they want.

I think this conviction means that former President Park will likely get convicted as well for corruption:

A Seoul court sentenced Samsung Electronics Vice Chairman Lee Jae-yong to five years in prison Friday, finding him guilty of bribery, embezzlement and other charges in a massive corruption scandal that led to the ouster of former President Park Geun-hye.

The Seoul Central District Court handed down the verdict, convicting Lee of involvement in Samsung’s provision of 7.2 billion won (US$6.38 million) in bribes for the equestrian training of the daughter of Park’s longtime friend and confidante Choi Soon-sil.

Prosecutors had demanded a 12-year jail term for Lee on charges of offering or pledging 43.3 billion won of bribes to win the government’s blessing for a merger of two Samsung units under terms designed to increase his control over the entire Samsung empire so as to cement a power transfer from his ailing father Lee Kun-hee.

“The crux of this case is close collusion between political and capital powers,” the court said in the verdict. “It appears to be difficult for the people to recover from disappointment in that collusive ties between the president and a large conglomerate existed not in the past, but in the present.”  [Yonhap]

You can read more at the link, but the article says that former President Park made demands to Lee that Samsung give money to Choi Soon-sil so her daughter could receive equestrian training.  Park is an idiot if that is in fact what happened.

Anyway it will be interesting to see how the appeals process works.  I would not be surprised that after this blows over that the appeal quietly happens and Lee receives a suspended sentence and is out of jail.

Considering the mountain of lawyers that Lee Jae-yong is sure to have I hope the ROK prosecutors have some indisputable evidence if they have any hope of convicting him:

Lee Jae-yong, Samsung Group’s de facto leader, was formally arrested Friday on charges of bribery in connection with a high-profile corruption scandal surrounding President Park Geun-hye and her friend.

With the Seoul Central District Court issuing the arrest warrant, Lee, vice chairman of Samsung Electronics Co., became the first leader of the country’s largest business group to be detained in a criminal probe.

The investigation team, led by Independent Counsel Park Young-soo, requested the writ for a second time on Tuesday — less than a month after its first request on Lee’s charges of bribery, embezzlement and perjury was turned down.

In their second pursuit of the warrant, the prosecutors leveled more charges against the tycoon, including hiding criminal proceeds and violating the law on transferring assets abroad in the process of giving bribes to the president’s friend Choi Soon-sil.

“The rationale for and the necessity of (Lee’s) arrest is acknowledged considering the new charges and additional evidence collected,” the court said in a text message sent to reporters.

The court, however, rejected the request for a warrant to arrest Samsung Electronics President Park Sang-jin, saying it is difficult to recognize the need for his detention.

Following the court’s decision, Lee is to stay at a detention center in Uiwang, south of Seoul, where he had been waiting for the ruling.

Prosecutors have suspected that Lee gave or promised some 43 billion won (US$36.3 million) worth of bribes to Choi in exchange for the government’s backing of a merger of two Samsung affiliates in 2015.  [Yonhap]

You can read more at the link.

Sad news for the family and friends of Samsung architect Lee Kun-hee who passed away yesterday:

 Lee Kun-hee, who had transformed Samsung Group into one of the world’s major tech giants from a small trading firm, died at a hospital in Seoul on Sunday at age 78, leaving a thorny succession challenge for his children.

The chairman of the flagship Samsung Electronics had been bedridden since May 2014 following a heart attack.

“Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side. Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” Samsung said in a statement.

Yonhap

You can read more at the link, but Lee took over Samsung in 1987 at age 45 from his father and his turned it into one of the world’s largest and most respected name brand companies.

It will be interesting to see how the succession plays out with the Moon administration busy trying to throw his son in jail.

It is hard to believe that she is 44-years old, she looks great:

Samsung C&T’s fashion group President Lee Seo-hyun has been selected as one of the 10 most beautiful female billionaires in the world by Trendchaser, a U.S.-based outlet specializing in entertainment trends and news.

Lee is a daughter of Samsung Chairman Lee Kun-hee. Her older brother is Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of Samsung, and her older sister is Hotel Shilla CEO Lee Boo-jin.

Trendchaser introduced 10 female billionaires aged between 19 and 50 under the headline “Youth, Fame, Beauty, and Fortune: These Ladies Have it All.” It named Virgin Group heiress Holly Branson, Ralph Lauren’s daughter Dylan Lauren and Hearst heiress Amanda Hearst as well.

Trendchaser wrote that some of them made their fortunes on their own, while others inherited the family business.

Although the 44-year-old executive seems to be closer to the latter, the report noted she expanded the company’s business horizons into fashion and chemicals. She was also responsible for buying Italy-based fashion house Colombo Via Della Spiga.  [Korea Times]

You can read more at the link, but she is reportedly worth $1.5 billion.  If anyone is wondering she is married with four kids. They could have easily added her sister Lee Boo-jin to the list as well.

ROK Heads may remember that Lee Boo-jin recently went through a billion dollar divorce fight with her ex-husband.  So if there are any ROK Heads looking to marry a billionaire she is still available.

Lee Seo-hyun also has a brother.  Her brother is Samsung Chairman in waiting Lee Jae-yong who was arrested for corruption for his alleged role in the Choi Soon-sil scandal.  There is actually a fourth Lee sibling, Lee Yoon-hyung, but she tragically committed suicide all the way back in 2005 in New York City:

She was very pretty as well, but allegedly committed suicide because she was forbidden by her father from marrying her boyfriend because his class was too low in South Korea.

Is this the next tech revolution where instead of everyone walking around with smartphones, everyone is instead wearing headsets?:

Meta founder and CEO Mark Zuckerberg, center, poses with LG Electronics CEO Cho Joo-wan, left, and LG Corp. Vice Chairman Kwon Bong-seok, during a visit to LG Twin Tower in Seoul, Wednesday. Courtesy of LG Electronics

Mark Zuckerberg, founder and CEO of Meta, the U.S. tech giant behind leading social network services like Facebook and Instagram, held meetings with officials from Korean tech companies, Wednesday, to expand the extended reality (XR) ecosystem and foster cooperation in artificial intelligence (AI).

The Meta founder, who arrived in Korea the previous night, marking his first trip here since 2013, visited LG Electronics’ office and met with the company’s CEO, Cho Joo-wan. The discussions centered around technological cooperation related to extended reality (XR).

On the same day, the Meta chief also held private meetings with officials from XR-related startups in Korea. Later in the evening, he met Samsung Electronics Executive Chairman Lee Jae-yong at Seungjiwon, Samsung Group’s VIP guest house located in Seoul.

Zuckerberg’s meeting with Korean tech company representatives is seen as a move to try to build a strong software and hardware manufacturing ecosystem like Meta’s rival Apple.

Korea Times

You can read more at the link.

It looks like there will not be any more jail time for Samsung Chairman Lee Jae-yong:

A Seoul court acquitted Samsung Electronics Co. Chairman Lee Jae-yong on Monday in connection with the controversial 2015 merger of two Samsung affiliates allegedly conducted to help him take over control of South Korea’s biggest conglomerate.

The Seoul Central District Court delivered the not-guilty sentence for Lee, three years and five months after he was indicted on charges of involvement in market irregularities in the merger of Cheil Industries Inc. and Samsung C&T Corp. to solidify his managerial control of the group at a lower cost.

Lee was charged with stock price rigging, breach of trust and accounting fraud in the course of the controversial 2015 merger, where three Samsung C&T shares were offered for one Cheil share. 

The merger was seen as crucial to Lee’s succession as the heir of the family-controlled group, as his father, Lee Kun-hee, had suffered a heart attack the previous year.

Yonhap

You can read more at the link.

Of course the DPK is going to lie and claim a soju party is what caused South Korea to lose the Expo vote, but this is not a good look for a President to be out with private business CEOs like this:

President Yoon Suk Yeol toasts with Dutch Queen Maxima during a state banquet at the Royal Palace Amsterdam in the Netherlands, Dec. 13 (local time). Joint Press Corps

President Yoon Suk Yeol is mired in controversy over his recent international trips, with reports alleging he had “a secret drinking session” with accompanying business tycoons in France, and the Korean ambassador to the Netherlands being summoned by the Dutch government over Yoon staffers’ excessive demands on presidential protocol.

The Hankyoreh newspaper reported on Friday that Yoon had a closed-door dinner and drinks at a Korean restaurant in Paris on Nov. 24. Attending was Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun and other business leaders who accompanied Yoon to assist Busan’s bid to host the World Expo 2030.

It was four days before the Expo’s governing body held a vote to select the host city of the 2030 event. Busan lost to Saudi Arabia’s Riyadh in a 29-119 count, despite efforts from the government, the public and major Korean businesses.

It was Yoon’s second visit to Paris this year as part of campaigning to promote the city’s bid. The presidential office described the trip as “a tireless journey that wasted not even a second,” while the main opposition Democratic Party of Korea (DPK) raised suspicion that it could have been a junket.

“While spending taxpayer’s money for a foreign visit, Yoon had a soju bomb dinner with conglomerates. Since when did binge drinking become a tireless journey?” DPK spokesperson Rep. Kang Sun-woo said in a commentary.

“Is the reason for bringing business leaders on foreign trips to find someone to join in the drinking sessions? No wonder a shocking outcome of 29-119 has unfolded.”

Lee Un-ju, a former lawmaker of the ruling People Power Party, said in a radio interview with CBS that Yoon and his cohorts behavior gives a misconception to foreign investors that Korea is a corrupt country where the government and businesses collude.

Korea Times

You can read more at the link, but President Yoon definitely has a lot of unforced errors that feeds negative press coverage of him.