The incumbent boss of the South Korean giant Samsung, Jay Y. Lee, is apparently surprisingly released from prison. His prison sentence, which is actually set to last more than two years, should be allowed to serve on probation with immediate effect.
According to the Wall Street Journal, citing the South Korean Department of Justice, a detention test took place today and the good news was announced to Lee. The remainder of his sentence is suspended, so the heir to the Samsung empire is likely to be set free soon.
Lee was last Samsung’s Vice-Chairman and as such had actually taken over the management of the company for a long time, since his father, the legendary “Chairman” Lee Kun-Hee, did not run the company after a heart attack in 2014 until his death a few months ago could lead more actively.
The younger Lee was actually sentenced to 30 months in prison for bribing numerous politicians, including the country’s former president. It is still unclear whether the 53-year-old will be able to work for Samsung again soon. There are actually legal restrictions in South Korea that prevent convicted economic criminals from returning to work.
Samsung can hardly make far-reaching decisions without obtaining the consent of the heir of the founding family. This is precisely what is necessary if the giant Korean corporation, which is primarily known for its electronic products and components, wants to make acquisitions, for example.
According to the report, Lee will be released this week. His actual stay in prison was rather manageable with a previous duration of around 18 months, especially when you consider that the affair over Samsung’s bribes even led to the resignation of the former President of South Korea, Park Geun-hye.
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