Samsung Electronics vice chairman Jay Y. Lee, in jail after convictions for bribery, embezzlement and different fees, has certified for parole and is predicted to depart jail this Friday, South Korea’s justice ministry mentioned.
However he nonetheless has different critical authorized woes.
Prosecutors argue the 2015 $8 billion merger of two Samsung firms — Samsung C&T Corp and Cheil Industries — concerned illegal actions aimed toward cementing Lee’s management of the conglomerate.
He was indicted in September 2020, accused of unfair transactions and manipulation of market costs beneath the Capital Markets Act, breach of belief through the course of enterprise, and false disclosure and accounting fraud beneath the Exterior Audit Act.
Lee has denied the accusations and his attorneys have argued that the merger and its phrases fell inside the regular scope of enterprise choices.
The trial, which started in October, has to date targeted on the testimony of 1 witness, a Samsung Securities worker, in addition to inside paperwork and emails.
It’s anticipated to proceed till a minimum of late subsequent yr because of the complexities of the case and delays in hearings because of the pandemic.
Authorized specialists say that if Lee is convicted, he could also be despatched to jail once more. In instances similar to these, any sentence, together with whether or not it’s suspended or not, will rely on the courtroom’s evaluation of how a lot cash a defendant has gained, they are saying.
In late June, the Seoul Central District Court docket ordered that Lee ought to stand trial to reply accusations regarding illegal use of a sedative.
This was at odds with South Korean prosecutors’ plan to hunt a 50 million received ($45,000) positive for the alleged illegal use.
Lee’s counsel has mentioned the treatment was not illegal because it was a part of hospital therapy. In March, an unbiased panel really useful prosecutors stop investigating Lee over this matter.
The primary listening to is predicted to be held on Aug 19.