Active Stocks
Tue Apr 16 2024 15:59:30
  1. Tata Steel share price
  2. 160.05 -0.53%
  1. Infosys share price
  2. 1,414.75 -3.65%
  1. NTPC share price
  2. 359.40 -0.54%
  1. State Bank Of India share price
  2. 751.90 -0.65%
  1. HDFC Bank share price
  2. 1,509.40 0.97%
Business News/ Companies / News/  Samsung's Lee faces sentencing for bribery charge after four years of trials
BackBack

Samsung's Lee faces sentencing for bribery charge after four years of trials

If Lee is jailed, he will be sidelined from major decision making at Samsung Electronics as it strives to overtake competitors.

FILE PHOTO: Samsung Group heir Jay Y. Lee arrives at a court in Seoul, South Korea. (REUTERS)Premium
FILE PHOTO: Samsung Group heir Jay Y. Lee arrives at a court in Seoul, South Korea. (REUTERS)

A South Korean court will sentence Samsung Electronics Co Ltd heir Jay Y. Lee on a bribery charge on Monday, a ruling likely to have ramifications for his leadership of the tech giant as well as South Korea's views toward big business.

If Lee is jailed, he will be sidelined from major decision making at Samsung Electronics as it strives to overtake competitors, and will be diverted from overseeing the process of inheritance from his father, who died in October, crucial to keeping control of Samsung.

If Lee remains free, he will be able to devote himself to both while likely facing strong backlash claiming the South Korean legal process shows undue leniency to chaebol, or family-run conglomerates, criticised for wielding too much power amid lapses in governance.

Lee, 52, was convicted of bribing an associate of former President Park Geun-hye and jailed for five years in 2017. He denied wrongdoing, the sentence was reduced and suspended on appeal, and he was released after serving a year.

The Supreme Court then sent the case back to the Seoul High Court, which will rule on it, and the sentencing, on Monday.

Under South Korean law, a jail term of three years or less can be suspended; for longer sentences, the person must serve out the term barring a presidential pardon.

Prosecutors have called for a nine-year jail term.

If imprisoned, the year Lee already served in detention will count toward the sentence, as it is the same case.

Monday's sentencing can be appealed to the Supreme Court.

"In a case sent back by the Supreme Court, there is a narrower range of options for the judges' bench... but it's also true that the Supreme Court can't really touch the final court's sentencing no matter what it is," said Rha Seung-chul, a lawyer not connected with the case.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 18 Jan 2021, 04:47 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App