A South Korean court will decide Friday if Samsung’s Jay Y. Lee is guilty of corruption after he was accused of paying bribes to gain government favors.
A court in South Korea on Friday will rule if Samsung ‘s de-facto chief Jay Y. Lee is guilty of corruption following a trial where he was accused of paying bribes to gain government favors for the conglomerate.
Reuters reported that prosecutors have demanded a 12-year jail sentence for Lee and that he also faces charges of embezzlement and perjury. Lawyers expect an appeal that could go all the way to the Supreme Court, with a final ruling likely in 2018, according to Reuters.
Samsung Electronics shares were down 0.76 percent in morning trade.
Lee, the 49-year-old scion of the family behind South Korea’s largest chaebol, was taken into custody and held by authorities since February. Chaebols are South Korea’s large, family-run conglomerates that have historically played an important role in the country’s economic development.
The special prosecutor’s office accused Lee of bribing a close friend of former President Park Geun-hye to gain government favors for Samsung.
Both Lee and Samsung denied any wrongdoing in February.
