Aug 9, 2021 - Technology

Samsung heir to be released from prison after winning parole

Axios

Lee Jae-yong arriving at a court in Seoul in January. Photo: Jaewon Lee/SOPA Images/LightRocket via Getty Images

Jay Y. Lee, Samsung’s de facto leader who had been serving a 30-month sentence on bribery, embezzlement and perjury charges, is expected to leave a South Korean prison on Friday after being granted parole, according to the Wall Street Journal.

Why it matters: Lee, the grandson of Samsung's founder, still holds a vital role in the company, though it is unclear if he will be able to resume his duties after leaving prison.

South Korean law places a five-year employment ban on people who committed economic crimes, but the Ministry of Justice can issue an exemption.

The big picture: Lee bribed former President Park Geun-hye in exchange for government favors, allegedly including the approval of a 2015 merger between Samsung C&T and Cheil Industries.

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Samsung heir to be released from prison after winning parole

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