South Korean President Yoon Seok-yeol has pardoned Samsung’s heir and Vice President Lee Jae-yong. He was sentenced to 2.5 years in prison after being found guilty of bribing Park Geun-hye, a former adviser to the country’s former president, to secure a merger between Samsung C&T and Cheil Industries.
To pardon Samsung’s heir, the South Korean president is relying on the anniversary of Liberation Day next week. It is for this reason that the formalization of this pardon will take place next Monday (15).
The Samsung vice president was jailed for 1.5 years until he received parole. However, he still needed government permission to travel internationally on business. The forgiveness given to Yoon Seok Yeol is expected to improve Samsung’s image overseas and therefore lift South Korea’s economy.
“In an attempt to overcome the economic crisis by revitalizing the economy, Samsung Vice President Lee Jae-young, whose prison was recently released, will be reinstated,” the South Korean government said in a statement.
out of business
During the period he was incarcerated, the Samsung heir was prohibited from accepting a proper title on the company’s board of directors. In addition, it also appears that he did not have the authority to receive all the data submitted by the commission. Therefore, he only received reports provided by employees and consultants.
Following a presidential pardon, he now has the power to make strategic decisions at Samsung, ranging from reforms that can be made to the company’s management to major chip deals.
Coincidence or not, shortly after the announcement of Lee’s pardon, Samsung Electronics shares in South Korea surged 1.3%. Geopolitical issues such as the war between Russia and Ukraine, weak consumer demand, and the challenges that arose as a result of the Covid-19 pandemic confirm the challenges the company is facing.
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Via: Edge
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Source: Mundo Conectado
I’m Maurice Knox, a professional news writer with a focus on science. I work for Div Bracket. My articles cover everything from the latest scientific breakthroughs to advances in technology and medicine. I have a passion for understanding the world around us and helping people stay informed about important developments in science and beyond.