Post a Free Blog

Submit A Press Release

Friday, March 29, 2024
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Truck Series (TRUCK)
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
-- Advertisement --spot_img
HomeBusinessSamsung Heir, Lee Jae Yong to Be Imprisoned for Bribery

Samsung Heir, Lee Jae Yong to Be Imprisoned for Bribery

 

Lee Jae Yong, Samsung heir and de facto head of Samsung Electronics from the past six years has been sentenced to a jail term of two years and six months. The ruling by a South Korean High Court was passed on Monday, after his case came up for a retrial.

 

He was first arrested in February 2017 for his alleged role in a political and corporate scandal involving South Korean president Park Guen-hye. In August 2017, he was convicted of charges including bribery and got a five-year prison term.

 

The case took a strange turn when the Seoul High Court decreased the sentence by 50% and suspended the jail term.

 

The case went to the Supreme Court which sent it back to the Seoul High Court. The High Court issued Monday’s ruling.

 

This case is a retrial of the earlier case, where South Korea’s former President Park Guen-hye also got a prison sentence for bribery and corruption.

 

The business magnate has served time and this period will be taken in account in the present ruling so it is possible that he will face 18 months behind bars.

 

Samsung shares plummeted by more than 4% when the sentencing was announced but is slowly rising again.

 

The sentencing will have long reaching consequences as Lee is the current head of the conglomerate and cannot oversee such a huge business from jail. The lack of leadership at the top could affect Samsung’s long-term, large-scale projects and investments.

 

Kim Dae-jong, a business professor at Sejong University told news agency AFP that the sentencing was a huge blow and a big crisis for Samsung.

 

Lee In-jae, Lee’s lawyer said that “the court’s decision is regrettable.”

Photo

Subscribe to get Latest News Updates

Latest News Articles

You may like more
more

Walgreens Boots Alliance Shares Gains 3 percent Following Q2 Results

Walgreens Boots Alliance (NASDAQ:WBA) shares rose more than 3%...

Home Depot to Buy SRS Distribution

Home Depot (NYSE:HD) announced its intention to purchase SRS...

Google code on Pinterest app suggests potential test of ad units, CWEB analysts say

Google and Pinterest might be testing a new partnership....

DraftKings Falls, NCAA Wants to Ban College Prop Bets. CWEB analysts issue Hold Rating on the stock.

Shares of DraftKings Inc.(DKNG) experienced a significant decline on...