South Korea’s President Yoon Suk-yeol pardoned Samsung Electronics Vice Chairman Jay Y. Lee on Friday. South Korea’s Justice Ministry said the business leader was needed to help overcome a “national economic crisis”.
The pardon is largely symbolic, with Lee already out on parole after serving 18 months in jail; for bribery relating to his time leading the world’s biggest smartphone and memory-chip maker. However, it should mean Lee will be able to carry out business activities more freely and could herald some big moves from Samsung. With urgent needs to overcome the national economic crisis, Han carefully selected economic leaders who lead the national growth engine through active technology investment and job creation to be pardoned; Justice Minister Han Dong Hoon told a briefing.
Lee, a scion of Samsung’s founding family, welcomed the decision and vowed to work hard for the national economy.
Lee, a scion of Samsung’s founding family, welcomed the decision and vowed to work hard for the national economy. Also pardoned by pro-business President Yoon was Lotte Group chairman Shin Dong-bin. Who was sentenced to a two-and-a-half-year prison sentence on charges of bribery. He has also visited Europe in June to meet ASML Holding NV CEO Peter Wennink. He discussed the adoption of key high-end chip equipment. Analysts have long expected decisions on major M&A projects and investments once Lee was reinstated. The company sources saying such decisions should only be made by Lee.