Samsung Vice Chairman sentenced to prison for 5 years over corruption charges

After the launch of Samsung Galaxy Note 8, a very unfortunate and unwelcoming news came out today when South Korean Court announced the verdict of the corruption charges on Samsung heir and vice chairman Lee Jae Yong. The court ordered to send Lee to prison for five years.

Earlier today a panel of three honorable judges found the billionaire guilty of hiding assets overseas, bribery, embezzlement, concealing profits from criminal acts and perjury. The judges passed the sentence in Seoul Central District Court of South Korea.

Lee was arrested in February, accused of involvement in a massive corruption scandal which led to debarring of former South Korean President Park Geun Hye.

According to prosecutors, Lee bribed with $38.4 million not-for-profit organizations controlled by Park’s friend Choi Soon-sil for policy favors which include president’s support for business deals. Prosecutors also claim that the company gave a horse to Choi’s daughter Chung Yoo Ra worth $1.09 million. The company also paid $6.4 million to support her equestrian career.

Samsung and Lee denied the allegations and claimed that the deals were made to boost the business. The defender said Samsung was pressed by President Park to make donations under coercion and Lee didn’t know the money paid nor approved it.

Prosecutors wanted Lee to go behind the bars for at least 12 years, but the defenders are confident enough to challenge the ruling in higher court which could overturn the decision of five years in prison.

Samsung shares also plunged by 1 percent after the verdict and are expected to fall further in the coming days.

Samsung Galaxy Note series is been proving superstitious for the company, Samsung earlier decided to end Note 7 production after it was recalled from the market, they also considered to completely abandon the product line but later they came up with new Samsung Galaxy Note 8 yet associated with unfortunate events other than exploding batteries.