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A30 world news
Diasabra 14 augustus 2021

Lee freed on parole, showing Samsung's might in South Korea

and suspended his sentence, financial crimes from return-
overturning key convictions ing to work for five years af-
and reducing the amount of ter their release. He is widely
his bribes. expected to get that approval.

The Supreme Court re- Samsung showed no obvious
turned the case to the high sign of trouble while Lee was
court in 2019, ruling that the in prison. It has reported ro-
amount of Lee’s bribes had bust profit during the coro-
been undervalued. Lee was navirus pandemic, seeing
jailed again in January this larger demands for its con-
year following a retrial. sumer electronics products
and chips used in computing
Almost no one had expected devices and servers as the vi-
Lee to serve his full sentence rus forced millions to stay at
through July 2022. home.

After avoiding the issue for But there were also views
months, Moon signaled a that Lee’s prison term com-
step change in May when he promised Samsung’s speed
told reporters that his gov- in major investments when
ernment will consider both it needs to spend aggressively
the intensifying competition to stay competitive in semi-
in the semiconductor sector conductors and other tech-
and public feelings before de- nologies.
(AP) — Samsung leader Lee about-face for the govern- between two Samsung affili- ciding whether to grant Lee
Jae-yong walked out of pris- ment of President Moon Jae- ates that tightened his control an early release. While Samsung remains
on Friday a year early in a pa- in, who after being elected over the corporate empire. dominant in memory chips,
role decision demonstrating in 2017 pledged to curb the Moon’s office initially dis- which are used to store infor-
the conglomerate’s outsized excesses of “chaebol,” or His case was part of a mas- tanced itself from Lee’s re- mation, it’s apparently falling
influence in South Korea as South Korea’s family-owned sive corruption scandal that lease, saying paroles are up to behind rival Taiwan Semi-
well as continuing leniency conglomerates, and end triggered nationwide protests the Justice Ministry, before conductor Manufacturing
for bosses who commit cor- their cozy ties with the gov- and led to the impeachment using its statement on Friday Co. in the race for high-tech
porate corruption. ernment. Park Soo-hyun, and ouster of Park, who has to address criticism that it re- chips designed to perform a
Moon’s spokesperson, said in been jailed since 2017 and vived a tradition of preferen- broader range of functions.
Wearing a gray suit and a a statement that Lee’s release won’t be released until 2039 tial treatment for convicted
mask, Lee left the prison near benefited “national interest” if she fully serves her term. tycoons. The demand for advanced
Seoul to a barrage of camera and pleaded for people’s un- chips is expected to grow
flashes and bowed in apology derstanding. Even with his release, Lee While Lee has always been in rapidly in the coming years,
over the anger ignited by his isn’t out of the legal woods. control of Samsung regard- driven by 5G wireless ser-
case, which was related to the Business leaders and key He appeared at the Seoul less of whether he was in the vices, artificial intelligence
explosive corruption scandal members of Moon’s govern- Central District Court on boardroom or a prison cell, and self-driving cars. Some
that toppled South Korea’s ment had endorsed Lee’s ear- Thursday for another trial it’s unclear how quickly he analysts say Samsung will be-
previous president in 2017. ly release in recent months, over alleged stock price ma- could formally resume his come more active in pursing
Hundreds of demonstrators citing Samsung’s vital role in nipulation, auditing viola- management role. He would merger and acquisition deals
standing behind police lines South Korea’s export-driven tions and other financial need the justice minister to gain such technologies as
simultaneously shouted slo- economy and the increas- crimes related to the 2015 to officially approve his re- Lee will be able to sign off on
gans denouncing or welcom- ing challenges it faces in the merger. His lawyers have in- turn to work as the law bans investments more easily.
ing his release. global semiconductor mar- sisted the allegations in that people convicted for major
ket. case were not criminal acts
“(I) caused too much concern but were normal business ac-
to our people. I am very sor- Freeing Lee became politi- tivities.
ry,” said Lee, who had spent cally convenient for Moon
the past months in prison re- after recent polls indicated In including Lee among
laying his business decisions South Korea’s public — years some 800 prisoners who were
through visiting employees. removed from the angry pro- granted paroles ahead of Sun-
He said he was keeping close tests that filled the streets with day’s Liberation Day, which
attention to the “concerns, millions of demonstrators celebrates Korea’s indepen-
criticism and huge expecta- in 2016 and 2017 — largely dence from Japanese colonial
tions” about him and then favored Lee’s release. With rule at the end of World War
walked into a black sedan the next presidential elec- II, the Justice Ministry cited
without answering reporters’ tion coming in March 2022, unspecified economic con-
questions. the ruling liberals are hoping cerns related to the pandemic
to win votes among the mil- and global markets.
Lee, 53, is the third-genera- lions of South Koreans who
tion heir of a business empire own Samsung shares, some Lee runs the Samsung con-
that runs everything from experts say. glomerate in his capacity as
technology, construction, and vice chairman of Samsung
financial services companies Samsung had no immediate Electronics, a major global
to hospitals, an amusement comment to Lee’s release. provider of computer mem-
park and baseball and soc- ory chips and smartphones.
cer clubs. The crown jewel, Lee served a total of 18
Samsung Electronics, single- months of a 30-month sen- Lee was originally sentenced
handedly represents about tence for embezzling mil- in 2017 to five years in prison
20% of South Korea’s entire lions of dollars from cor- on the corruption charges
stock market value and one- porate funds to bribe then- but was freed after 11 months
fourth of its total exports. President Park Geun-hye in February 2018 following a
to ensure her government’s Seoul High Court ruling that
Lee’s parole marked an support for a 2015 merger reduced his term to 2 ½ years