Samsung head received five years in prison for corruption

Фото: Depositphotos

One of the richest businessmen in South Korea, the actual head of the company Samsung Electronics Lee Zhe Yong sentenced to five years in prison for corruption.

According to CNN, prosecutors sought 12 years imprisonment.

A conviction is a blow to Samsung, the world's largest smartphone maker and the largest family conglomerate of South Korea, whose business is estimated to be about 15% of the entire economy.

The scandal has already turned into an impeachment of President Park Geun-hye and has stirred up popular discontent with large corporations on which the economy of South Korea rests.

"The public is disappointed that such large-scale crime caused by the friendly relationship between politics and business is still happening - it is not a thing of the past, but remains a reality," Judge Kim Jin-dong said in court.

The court also found Lee guilty of perjury, concealing criminal profits, embezzlement and hiding assets abroad. Lee denies any wrongdoing, and his lawyers said Friday that they would reject the court’s decision and immediately appeal.

Prosecutors introduced Lee as an experienced tycoon who knew exactly what he was doing when Samsung paid tens of millions of dollars to courts associated with the trustee of President Park to win state support for a key merger.

Lee follows in the footsteps of many other leaders of South Korea’s large family conglomerates, known as the chabol. His father, chairman Samsung Lee Kun-hee was sentenced to prison twice and was pardoned twice.

Four other former executives Samsung were also found guilty of bribery and other corruption charges, receiving prison sentences of two and a half to four years. Two of them were pardoned.

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