Samsung heir Jay Y. Lee is going back to jail for bribery

Although in jail, Lee may be not able to make big decisions for Samsung at a important time when demand for its memory chips and other solutions are sky significant. Korea and Samsung in particular have attained much more prominence of late mainly because of rocky US/China relations.

In the trial’s final hearing, Lee produced a prolonged apology and promised to make a “new Samsung,” and “fix what the court docket has pointed out as the harms of chaebol [family members-owned conglomerate],” he mentioned. He also vowed not to move electricity down to his kids.

The sentence was based in portion on the court’s evaluation of an unbiased compliance committee established up by Samsung to watch wrongdoing by executives. Lee’s authorized woes aren’t in excess of but, as he’s also on demo for alleged fraud and stock manipulation. He’s nevertheless predicted to grow to be chairman of Samsung when he goes cost-free, adhering to the death of his father Lee Kun-hee late last calendar year.