Samsung Vice Chairman Jay Y Lee is now free from imprisonment after a parole hearing approved his released. Vice-Chairman Lee had only served seven months of his two-and-a-half-year sentence and is now breathing fresh air outside the prison walls. His freedom is accredited to the decision by the South Korean government of freeing certain business figures who were convicted for corruption or tax evasion. These crimes were solely based on economic grounds and infringing the set rules for running a business, especially a well-established corporation like Samsung. It is not unusual for such business moguls to be convicted for evading taxes or indulging in corrupt activities, despite their comprehensive income from their businesses.
According to Forbes magazine, Mr. Lee (53) is ranked number 202 on the richest people’s list and has a net worth of $11 billion. He was convicted in January of this year for being involved in bribery and embezzling of funds. He was also fingered in a secret conspiracy to dethrone the former South Korean President Park Geun-Hye and handed a jail term for these crimes in Seoul court, which sent him back to jail. Initially, he was given a five-year sentence back in 2017, but he denied all the allegations labeled against him. His legal team successfully appealed the sentence, and it was reduced, then suspended, and he was freed after serving only a year. But the Supreme Court ordered a retrial as certain assessments of his allegations were done, and he was sentenced to two and a half years in prison by the Seoul High Court.
There were many mixed reactions after his conviction, with some of his loyal supporters urging the government to release him. Lee warmed the hearts of many people due to his works in the Samsung group and how he was aiding the technology industry, especially in South Korea. His projects had a positive impact on the nation’s economy.
Various politicians, economists, and business leaders made calls for his release, and that chorus was chanted throughout by members of numerous established corporations. Finally, the plea produced some results, and on Monday, the Justice Ministry announced that Mr. Lee was going to be released on parole. The Ministry also revealed how these early releases were necessitated by the effects of the coronavirus outbreak pandemic on the economy. The global pandemic had a negative impact on the world economy, especially during the early stages when medical personnel encouraged everyone to stay indoors. Most businesses incurred losses, and small companies were dissolved due to the expenses they experienced while operations were put on halt.
Lee’s conviction is just one of various imprisonments of prominent South Korean business figures. The major accusations against these individuals are linked to tax evasion, political involvement, undermining of the government, bribery, embezzlement, and tax evasion. Another Samsung chairman to be convicted is the late Lee Kun-hee, but he got pardoned by the president for contributing to the nation’s economy [Source].
An article titled “South Korea’s long history of light sentences for business leaders” by Sherisse Pham, published in 2017 [Source] depicts how the Korean government is “forgiving” towards its citizens who contribute to the country’s economy. Thus, it is not surprising that Lee got out of prison on parole.
After his release, Lee showed remorse for his actions and was very apologetic in his stance. While addressing reporters who were waiting for him outside the walls of a detention center in the south of Seoul on Friday, he said, “I have caused too much concern to the people. I’m really sorry.”
Having served seven months behind bars, Lee lamented how his dignity and integrity are on the line, and he vowed to exert a lot of effort in restoring them. He told the reporters that “I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard” [Source].
Mr. Lee is not yet safe from the law’s wrath as he is facing another trial relating to the merger of two Samsung affiliates and is also accused of illegal utilization of the anesthesia-inducing medicine, propofol. Under his parole conditions, he is mandated to report to the parole officer if he wishes to move his residence or leave the country for more than a month. Although he is free, he is also not allowed to return to work for the next five years under the Aggravated Punishment of Specific Economics Crimes Act.
But for now, Mr. Lee can bask in the glory of being free from prison and prepare to tackle the trials which await him.
