![]() The Samsung Electronics flag and South Korean flags flutter outside the company’s headquarters in Seoul – testimony to the corporation’s central role in the South Korean economy. But it has drawn criticism from civic groups, given that conglomerate leaders have a long history of abusing power and evading justice in South Korea. The news of his release was welcomed by the business community, which favors corporate stability and managerial decision-making. While the decision on Lee’s parole was released on Monday evening, on Tuesday Samsung stock fell 1.6%. During his jail terms, the company continued to operate highly effectively under professional managers, who have also taken major investment decisions. Yet while Lee is Samsung heir by birth, his business nous is far from clear. ![]() However, few believe that will keep him out of Samsung’s C-suite. Lee was expected to walk on Friday.Īs he is being paroled rather than pardoned, Lee is not permitted to engage in corporate activities for five years. The decision was made public on Monday night. The ministry “comprehensively considered” various factors, including “society’s emotions,” the release stated. The controversial tycoon was paroled “in consideration of the national economic situation and the global economic environment” amid the Covid-19 pandemic, the Ministry of Justice said in a statement released to foreign reporters. Altogether, 810 people are being paroled. The parole decision was taken by the Justice Ministry as part of a program that takes effect every year around August 15, the anniversary of liberation from Japanese colonial rule in 1945. ![]() Lee, also known as JY, was sentenced in January in a retrial of a case that also impacted former President Park Geun-hye, who is serving a 33-year compound sentence for corruption and abuse of power. SEOUL – Lee Jae-yong, the vice-chairman, heir and de facto head of national flagship and global mega-brand Samsung Electronics, will be released from prison Friday after serving eight months of a two-and-a-half-year sentence for bribery.
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