Connect with us


Samsung CEO Lee Jae Young is again accused of corruption and market manipulation



Samsung CEO Lee Jae Young is again accused of corruption and market manipulation

The de facto head of the Samsung Electronics conglomerate was again on trial. The Seoul Prosecutor’s Office has filed charges of corruption and manipulation in the stock market – the media report that the proceedings will last at least 18 months, and taking into account possible appeals, the case may drag on for years. Yong will remain at large until the end of the hearing but will have to report to the police twice a week and attend hearings regularly.

The media note that the official filing of charges was preceded by several months of searches, interrogations, and investigations, and the city council of 13 citizens recommended not to initiate a case.

Lee Jae Young is the vice president of Samsung, the son of the current president of the company, and one of the grandchildren of its founder. His 78-year-old father has not appeared in public for several years, in most cases, it is Lee Jae Young who represents the company.

In early 2017, he was imprisoned on multiple charges of corruption and dishonest business practices. The most significant proven crime was the bribery of South Korean President Park Geun-Hye through a large donation to her friend’s charitable foundation. As a result of the bribe, Lee Jae Young hoped to enlist the support of the authorities during the seizure of complete power over the company.

After that, the president was impeached, but the businessman got off quite easily. He was sentenced to five years in prison, but a year later the case was reviewed, no corpus delicti was found in Yong’s actions and he was reinstated in office, and soon the current President Moon Jae-in took him with him to historic negotiations with North Korea.

To learn more about the specifics of doing business in South Korea and the path to becoming Samsung, see our summary of the book Samsung Rising.

I enjoy playing games, and gaming is a passion of mine. Among my favorite games are Tears of the Kingdom, GTA, and Cyberpunk.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Manage Cookie Settings