Samsung's heir gets sentenced to 5 years in jail for corruption

Samsung's heir gets sentenced to 5 years in jail for corruption

Following a six-month trial, a court in Seoul, South Korea, has found Jay Y Lee guilty of bribery and embezzlement, sentencing him to five years in prison.

Lee was found guilty of bribing Park, perjury, concealing criminal profits, embezzlement, and hiding assets overseas.

Lee, who has been detained since February, was accused of being involved in a massive corruption scandal that led to the ousting of former South Korean President Park Geun Hye.

"As a legal professional, I can not possibly accept any part of the lower court's guilty verdicts", said Song Wu-cheol, the lead defense attorney, who added, "I am confident that the appeals court will definitely find the defendants not guilty on all counts". Lee, the third-richest person in South Korea, was accused of offering $38 million in bribes to four entities which are controlled by Choi Soon-sil, and it remains to be seen if an appeal will do any good to Mr. Lee.

In return, Lee would receive political favours.

Since the verdict was made Samsung's shares fell one per cent and Lee's leadership has been called into question.

Shia mosque attacked in Afghan capital, Kabul
Four members of the security forces died in the exchange and seven others were wounded, he said . The Islamic State , though its media agency Amaq , claimed responsibility for the attack.

If the conviction is upheld, it will also mark a significant watershed for South Korea, which has previously been lenient to its big companies (chaebols), often issuing presidential pardons for corruption charges.

Park and Choi are defendants in a similar trial, with a ruling expected in October. According to the law in the country, prison sentences lasting longer than three years can not be suspended.

For those of you who do not know, Lee Jae-yong took over control of Samsung after his father suffered a heart attack, which was back in 2014.

The Asian country has been engrossed in a series of scandals which have reached the highest echelons of society, including several business leaders and even led to the removal of former president Park Geun-hye. Two other former executives received suspended prison terms.

Samsung secretively provided a huge amount of money to Choi's German-based company that paid for the training and exorbitantly priced foreign horses worth 3.6 billion won (£2.5 million) were part of the bribes, the verdict said. Nearly 60 companies affiliated with Samsung account for a third of South Korea's stock market capitalization.

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