Samsung chief Lee Jae-yong, second from proper, toured the corporate’s Pyeongtaek chip plant on the primary working day of 2021. Picture: Samsung
Samsung vice chairman Lee Jae-yong, who additionally goes by Jay Y Lee, acquired a presidential pardon on Friday. Lee, the de facto chief of Samsung, was amongst a listing of 1,693 individuals introduced to be pardoned by the nation’s justice ministry, which mentioned Lee was included to assist overcome the “nationwide financial disaster”.
South Korea offers out particular pardons yearly by presidential decree forward of its Independence Day vacation on August 15, which celebrates the tip of Japanese colonial rule of Korea over 70 years in the past. Lee did not obtain the total pardon nonetheless however the lesser rehabilitation the place his legal report stays however the rights restricted from his conviction are lifted.
The vice chairman had been discovered responsible of bribery and embezzlement in January final yr however was launched from jail on parole in August of the identical yr. The responsible verdict restricted him from sure employments for 5 years, which means he could not maintain a key place comparable to inside director of Samsung, which he now can.
Regardless of the most recent pardon, authorized dangers stay for Lee as he’s nonetheless on trial for a separate case for alleged inventory worth manipulation involving two Samsung associates.
Following the pardon, the vice chairman thanked the federal government and the individuals for giving him a brand new alternative and mentioned he’ll work exhausting to contribute to the financial system and create new jobs.
The vice chairman has been extra seen in his enterprise actions since earlier this yr. Lee gave a private tour of Samsung amenities in South Korea and showcased the corporate’s semiconductor know-how to US President Joe Biden throughout his go to to the nation in Could.
In the identical month, Samsung additionally introduced a $355 billion, five-year spending plan for what it calls strategic companies which included semiconductors. He additionally visited Europe to fulfill ASML CEO Peter Wennink. Netherlands’ ASML is a key provider of apparatus to Samsung wanted to make superior semiconductors.
Analysts count on Lee’s pardon may very well be adopted up by a significant acquisition announcement by Samsung or his promotion to chairman, the highest place of your complete enterprise conglomerate that has been vacant since his father Lee Kun-hee handed away in 2020. Samsung had constantly mentioned since final yr that it was actively pursuing acquisitions of different corporations.
