S.Korea Yoon pardons Samsung leader Jay Y. Lee According to Reuters
© Reuters. FILE PHOTO: Samsung Electronics Vice Chairman Jay Y. Lee arrives at the courthouse in Seoul, South Korea, October 26, 2021. REUTERS / Kim Hong-Ji
SEOUL (Reuters) – South Korean President Yoon Suk-yeol has pardoned Samsung Electronics (OTC:) Vice Chairman Jay Y. Lee to help weather the “national economic crisis,” South Korea’s Justice Ministry said. know on Friday.
Mostly symbolic, Lee was pardoned after serving 18 months in prison for bribery related to his time leading the world’s largest smartphone and memory chip maker.
However, it means Lee will be able to conduct business activities more freely and could herald some big moves from Samsung (KS:), analysts said.
Justice Minister Han Dong Hoon said: “With the urgent need to overcome the national economic crisis, we have carefully selected economic leaders to lead the national growth engine through investment. positive technology investment and job creation for amnesty.”
Also pardoned was Lotte Group Chairman Shin Dong-bin.