Shell Energy Entrepreneurs banner Yudala banner
BREAKING: Samsung heir jailed for corruption

By News Express on 25/08/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,237

•Convicted Samsung heir Lee Jae-yong. Photo: Getty Images.
•Convicted Samsung heir Lee Jae-yong. Photo: Getty Images.

A court in South Korea has sentenced Samsung’s billionaire heir-apparent Lee Jae-yong to five years in prison for corruption.

Mr Lee was accused of bribery in a scandal that also saw the impeachment of South Korea’s former president.

The case has gripped the public amid growing anger against South Korea’s biggest companies, known as chaebols.

Mr Lee, who denied all charges, had faced a jail sentence of up to 12 years.

Also known as Jay Y Lee, the de facto head of the world’s largest smartphone maker had been detained since February on a string of corruption charges.

These included including bribery, embezzlement and hiding assets overseas.

The 49-year-old was accused of giving donations worth 41bn won ($36m; £29m) to non-profit foundations operated by Choi Soon-sil, a friend of South Korea’s former President Park Geun-hye, in return for political favours.

Prosecutors said the donations were made to Ms Park’s confidante to win government support for a big restructuring of Samsung that would strengthen Mr Lee’s control over Samsung Electronics.

A lawyer for Mr Lee has said already said they will appeal against the decision.

“We are confident the ruling will be overturned,” lawyer Song Wu-cheol told reporters after the ruling, according to Reuters.

Nevertheless this ruling represents a huge blow to South Korea’ biggest and most well-known business empire. Since the verdict, Samsung shares fell by 1%.

The conviction raises questions about Mr Lee’s leadership of the conglomerate. He has been standing in as chairman since his father, Lee Kun-hee, suffered a heart attack in 2014.

The Samsung scandal contributed to President Park’s eventual impeachment. Her friend Choi Soon-sil has already been jailed for three years for corruption. (BBC)

Source News Express

Posted 25/08/2017 09:30:47 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
NLC will engage governments on existing vacancies in...

Report identifies innovation, infrastructure as keys to creating...

Forex: Dealers fail to subscribe fully to CBN’s...

Abia Political Crisis: INEC lied, they were served...

Aregbesola under fire for spending N140m on anniversary...

Biafra youth leader hits back at Obasanjo

APGA ON COURSE —Gov. Obi; UMEH’S COURT VICTORY...

Lagos reviews Ikeja Model City Plan, reiterates commitment...

Lalong sacks LG caretaker committees

Nigerian schoolboy found dead in England just hours...

CBN expands Anchor Borrowers’ Programme •Targets additional 2m...

Attack on ‘Resume or Resign’ protesters undemocratic, says...

 

Latest News Militants kill 2 policemen, cart away gunboats, arms Leather industry can create 700,000 jobs — Minister Dogara makes case for 2nd Niger Bridge Lagos suspends operations of NURTW on Island Tinubu, Akande keep mum after meeting with Buhari at Presidential Villa Cancer kills legendary musician Hugh Masekela HURIWA rubbishes DSS’ claim on herdsmen’s killings, advocates judicial inquisition Rivers APC replies Wike, says Buhari not under pressure to declare State of Emergency in the state Buhari mourns as Ex-CJN Dahiru Musdapher dies Nigeria DigitalSENSE Forum sets date for IG4D, IPv6 roundtable 2018 Of Nigeria Labour Congress and its continued relevance, By Emmanuel Ado Buhari has failed; let’s try something new: Text of a Special Press Statement By Ex-President Obasanjo

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (316,744 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (307,450 views) Shameless Genevieve Nnaji exposes breasts in public (245,824 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,963 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,548 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (180,128 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (156,201 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (140,626 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,450 views) Lagos plane crash: Journalist releases victims’ names (124,942 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (122,374 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (119,243 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,858) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (201) Entertainment (432) Features (542) Global Business Monitor (222) International (1,754) Interviews (139) Live Commentary (28) Love Matters (100) News (32,125) Opinion (870) Pidgin (10) Politics (4,371) Religion (667) Sports (1,410) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!