Searching for smart, safe news you can TRUST?
Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.
Searching for smart, safe news you can TRUST?
Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul
Tampa-St. Petersburg news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg
AP
Samsung Electronics vice chairman Jay Y. Lee was found guilty of bribery, embezzlement and perjury by a South Korean Court, slapping him with a five year prison sentence, according to local news reports. Lee is expected to appeal the verdict.
South Korea's special prosecutor's office accused Lee of bribing a friend of former President Park Geun-hye in exchange for government favors, allegedly including approval of a 2015 merger between Samsung C&T and Cheil Industries. That deal consolidated the Lee family's power over Samsung Electronics, according to CNBC.
Why it matters: The jail sentence won't have much impact on the global day-to-day operations of Samsung because Lee is not the face of the flagship brand, but it creates some uncertainty about long-term management. The case renews criticism about the close relationship between South Korea's large, family-run conglomerates (called chaebols) and the country's government.