Lee Jae-yong, the heir to ownership of Samsung, has been sentenced to five years in prison following a bribery scandal involving Samsung and former South Korean President Park Geun-hye.
The New York Times reports that Lee and four other Samsung executives paid $6.4 million in bribes to the Park administration. The Samsung conglomerate controls one-fifth of the South Korean economy and a large portion of its gross domestic product, and the bribes were designed to secure political backing for a merger between Samsung C&T Corp and Cheil Industries Inc. The Samsung scandal contributed to the impeachment of President Park Geun-hye.
Judge Kim Jin-dong, who sentenced Park, said:
The essence of this case is the unethical bond between politics and money. The people expect that the power of a president, the top authority under the Constitution, will be used to serve all people and that big businesses act with social responsibility, through legal economic activities. Through this case, the people have come to question the fairness and honesty of the president and have come to distrust the ethical values of Samsung, the largest conglomerate.
While we're most familiar with Samsung's electronics division, which is responsible for its smartphones and TV's (and much of its profit), Samsung Group has a wide variety of companies in it, including those involved in construction, South Korean national defense, display production, processor production, storage production, medical services, and financial services. It is unclear at this time what the sentencing could mean for the future of the Samsung Group.
Another charge Lee was found guilty of was hiding assets overseas and falsely testifying during his hearing on the scandal.
We may earn a commission for purchases using our links. Learn more.
Google I/O 2020 confirmed for May 12-14 at Shoreline Amphitheater
Google I/O 2020 has been confirmed for May 12-14 and will be held at the Shoreline Amphitheater in Mountain View. The developer conference is held annually by Google to show off some of its latest projects and tickets can go for $1,000 USD or more.
Do you use antivirus software on your Android phone?
There are a ton of antivirus apps available on the Play Store, but does anyone actually use these? Here's what our AC forum members have to say.
U.S. set to further restrict Huawei suppliers with new regulations
The Trump administration is planning to impose further restrictions on U.S. companies that are doing business with Huawei.
These motion sensors are perfect for Samsung SmartThings
We've compiled a list of SmartThings motion sensors that won't give you any headaches.