No One Is Too Big For Jail In South Korea – Samsung’s CEO ( A Company Worth $500 Billion) Goes To Jail For Bribery
The entire world is shaken after the South Korea Samsung scandal. Deemed as the ‘trial of the century,‘ the case well-depicts the control of big corporations in regulating politics in first-world countries.
The entire case has been full of shocking revelations. Samsung undoubtedly is an established reliable brand name in the market. What Lee Jae-Yong has achieved as the vice-chairman of Samsung and the De-facto head has left eyes of the entire corporate world wide open.
Lee, titled as the ‘’Crown Prince Of Samsung’’ by Korean media, third richest man in South Korea and 35th Most Powerful Korean according to Forbes Magazine’s List of The World’s Most Powerful People in 2014, is considered the successor of his father, Chairman Of Samsung Lee Kun-hee.
However, recent months have not been auspicious for the flourishing Samsung empire. Lee was caught in the middle of the ‘Choi-gate case,’ that laid the foundation for toppling the impeached president Park Geun-Hye.
This scandal exposed a close friend of Park, Choi Soon-Sil influencing the state affairs. During the investigation of the case, another big revelation took Korea by storm when Lee was found guilty of trying to seek political favors from Park by making ‘large donations’ to foundations run by Choi.
— Geoffrey Cain (@geoffrey_cain) November 23, 2016
Lee was suspected of influencing Choi at the backend, using her as an instrument to seek political favors to further solidify his position in the corporate world.
Lee had been accused of offering $38m as a bribe to four entities controlled by Choi, who due to being a reliable asset and advisor for Park, returned the favor by allegedly giving Lee access to confidential government documents, without any authority to do so.
Samsung has not denied the donations but responded that they were made without any expectation of any favor in return. Samsung also said that the donations were made on Park’s insistence.
After a series of disclosures and proclamations shaking the world for months, the ‘trial of the century’ finally saw its dawn this Friday as the court sentenced Lee to five years in prison after finding him guilty of bribery and perjury.
Lee has shown no response yet, but his lawyers say that they don’t agree with the decision of the court and the presented facts.
They said that they will appeal against the ruling and are confident that the appellate trial will result in their favor, dismissing all the charges.
This entire episode has raised many questions and doubts regarding the role of big corporations in state affairs.
The public has shown immense involvement and response in the whole case. Reportedly, more than 400 people applied for the limited 30 seats in public gallery to witness the trial.
It remains a question that how Lee’s conviction will affect Samsung’s potential and strategic decision making.
There has been no formal response to the Friday’s ruling from Samsung. However, the employees are reportedly very concerned. The company was already affected since February after Lee was arrested, but now the conviction has triggered an emergency situation.
If Lee receives a heavy sentence, this will significantly clamp down the white collar crime and ‘’too big for jail’’ trend, that we have witnessed in the corporate world for years.
Watch all the details of Lee’s conviction here: