Samsung heir awaits verdict in corruption trial

Lee Jae-yong, the de facto head of Samsung, was on Thursday preparing to face a verdict in his corruption trial which could mean imprisonment and leave South Korea's conglomerate without a leader.

The Seoul Central District Court will deliver its verdict in the case on Friday.

The prosecution is asking for a 12-year prison sentence for Lee's alleged role in the so-called "Rasputin" corruption case, which led to the impeachment and imprisonment of former South Korean President Park Geun-hye, Efe news reported. Lee has so far pleaded not guilty in the case.

Samsung group, which accounts for 20 per cent of the country's GDP, has been led by Lee since 2014 after his father, Lee Kun-hee, suffered a heart attack.

Lee is accused of transferring 43 billion won ($37.3 million) to foundations that were controlled by Choi Soon-sil, dubbed the "South Korean Rasputin" for her close friendship with Park Geun-hye.

The payments were allegedly made to secure approval from a public pension fund in 2015 for the merger of two Samsung subsidiaries (one of which was part of the same fund) that reinforced the Lee family's total control of the company.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel