Samsung leader Lee Jae-yong, second from right, visits the company’s Pyeongtaek chip factory on the first working day of 2021. Photo: Samsung
Samsung Vice Chairman Lee Jae-yong, who was accompanied by Jay Y Lee, received a presidential pardon on Friday. Lee, Samsung’s de facto leader, was on a list of 1,693 people announced to be pardoned by the country’s Ministry of Justice, which the justice ministry said was brought in to help weather the “national economic crisis”.
South Korea issues an annual special amnesty by presidential decree ahead of the Independence Day holiday on August 15, commemorating the end of Japanese colonial rule over Korea more than 70 years ago. However, Lee did not receive a full pardon but less rehab as his criminal record remained but limited rights to his sentence were lifted.
The vice president was found guilty of bribery and embezzlement last January but was released from prison in August of the same year. The guilty verdict restricted him from certain jobs for five years, meaning he couldn’t hold a key position like Samsung’s internal director, which he currently can.
Despite the latest amnesty, legal risks remain for Lee such as he is still being tried for a separate case for alleged stock price manipulation involving two Samsung affiliates.
Following the amnesty, the Vice President thanked the government and people for giving him a new opportunity and said he would work hard to contribute to the economy and create many new jobs.
The vice president has been more prominent in his business activities since the beginning of this year. Lee gave a personal tour of Samsung’s facilities in South Korea and introduced the company’s semiconductor technology to US President Joe Biden. during his visit to the country in May.
In the same month, Samsung also announced a 5-year spending plan worth $355 billion for what it calls strategic businesses that include semiconductors. He also visited Europe to meet ASML CEO Peter Wennink. ASML of the Netherlands is Samsung’s main equipment supplier for advanced semiconductor manufacturing.
Analysts expect Lee’s pardon could be followed by a major Samsung acquisition announcement or his promotion to chairman, the top post of the entire business group that has been vacant since from that His father, Lee Kun-hee, passed away in 2020. Samsung has repeatedly said since last year that it is actively pursuing acquisitions of other companies.
