29 August 2019: An earlier headline for this story identified Lee as the ‘ex-leader’ of Samsung. He is the current vice chairman of the company.
South Korea’s Supreme court on Thursday overturned part of an appeals court ruling in the bribery case of Samsung Group’s de facto chief, Jay Y. Lee, who had been given a two-and-a-half-year suspended sentence for seeking favour from the country’s ex-president Park Geun-hye.
The Supreme Court said the interpretation by the Seoul High Court on what constituted bribes by Samsung to then-President Park Geun-hye was too narrow.
Lee, 51, was initially sentenced in 2017 to five years imprisonment for bribing a friend of former President Park Geun-hye as he sought to succeed his father and secure control of Samsung Group.
He was freed in early February 2018 after a year in detention when the appellate Seoul High Court halved his sentence and suspended it for four years.
South Korea: Samsung heir Lee Jae-yong freed
Lee is poised to take control of the Samsung Group from his aged father. His titles include vice chairman of Samsung Electronics, the world’s biggest maker of smartphones and memory chips.
Samsung Electronics is currently battling falling profitability as prices of chips and display panels slide.
It also has to contend with Japan’s decision last month to restrict exports of chipmaking chemicals to South Korea following a diplomatic dispute. Japan dominates the market for the restricted chemicals.
Lee has since embarked on a high-profile mission to tackle what he called a “crisis”.
Other group headaches include investigations at Samsung BioLogics Co Ltd which prosecutors suspect breached accounting rules.
In a statement sent to Al Jazeera, Samsung Electronics said it deeply regrets that the case “has created concerns across the society.”
“We will renew our commitment to carrying out the role of a responsible corporate citizen and will avoid a recurrence of past mistakes.”
Samsung also acknowledged that in the “past few years” it has faced challenges that “constrained in our efforts to focus on leading new businesses for the future.”
It vowed to “rise above the challenges and continue to contribute to the broader economy.”
SOURCE: Al Jazeera and news agencies