The Samsung corruption scandal has haunted the company for over a year now. There have been allegations against the top brass for rigging the South Korean elections. After months of legal battles and courtroom drama, Samsung Vice Chairman and grandson of Samsung founder, Jay Y. Lee has been jailed for a term of five years as the allegations against him were proved.
This is a recent development in the Samsung corruption scandal which was announced less than an hour ago. The primary allegation against Jay Y. Lee is that he paid bribe to the President of South Korea, Park Geun-hye expecting favours in return. The trial against Jay Y. Lee began in February and has lasted for over six months now. The final verdict was announced today and he has been jailed for five years.
During the trial, Samsung Electronics confirmed that they had offered to donate a sum of 43 Trillion Korean Won to organizations owned by the President’s close friend, Choi Soon-sil. The allegation against Samsung was that Jay Y. Lee had asked the President to bring in government backed support for a merger the company was aiming at back in 2015. This merger would bring Jay Y. Lee more control over the organization.
President Park, on the other hand, is also facing a trial and is likely to be jailed as well. Samsung was once a company which was almost single-handedly responsible for the economic upheaval of South Korea following the Korean War. However, of late it has become stained with corruption scandals and political riggings. Jay Y. Lee’s arrest marks a landmark decision in the history of the company.
Jay Y. Lee, whose father is in ill health at the moment, was expected to replace him as the chairman following his passing. He is considered the de-facto heir of the company and was expected to play a greater role in the firm before the scandal broke out.