Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Samsung boss Lee Jae-yong released from jail on parole 'in national interest'

Samsung boss Lee Jae-yong released from jail on parole 'in national interest'

Critics of Lee Jae-yong's release will argue it demonstrates Samsung's extraordinary influence over South Korea's political establishment.

The office of South Korea's president has revealed that the boss of Samsung Electronics, Lee Jae-yong, has been freed early from jail in the "national interest".

Lee, the company's vice chairman but de-facto leader, was released on parole on Friday - a year before the end of a 30-month sentence linked to the bribery of a friend of the nation's former president, Park Geun-hye.

He was also convicted at a retrial in January of embezzlement and concealment of criminal proceeds worth about 8.6 billion won (£5.7m), leaving him sidelined from major decision-making at the company.

Samsung is one of the world's largest makers of smartphones and computer chips - the latter currently at the centre of a global shortage, linked to the COVID-19 crisis, that has hampered production of goods from cars to games consoles.

Samsung is launching the new Samsung Galaxy Z Fold3 and Z Flip


The parole decision was taken by the justice ministry, according to the presidential office.

"(We) accept it as a choice for the national interest and hope for the people's understanding," a spokesperson told reporters.

Lee appeared outside the Seoul Detention Center, wearing a dark grey suit and looking thinner than when he was detained, to tell journalists waiting outside: "I've caused much concern for the people. I deeply apologise.

"I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard."

What he is able to do at Samsung is unclear as it is understood that five years of business restrictions were placed on him as part of his parole terms.

However, the country's justice ministry is widely tipped to clear Lee to return to the office but with conditions remaining in areas such as business travel.

While he has little to do with the day-to-day running of operations at Samsung, the company is said to rely on him for major investment and M&A (merger and acquisition) decisions.

Lee is pictured arriving at court before he was jailed in January


The importance of Samsung to South Korea's economy had seen support for his parole grow amid anxiety that key strategic decisions were not being made to boost the firm's competitiveness.

Samsung, which accounts for almost a fifth of South Korea's stock market value alone, is for example yet to reveal the location for a planned $17bn (£12.3bn) factory in the United States to produce advanced logic chips - lagging similar investments by rivals including Intel.

Critics of Lee's release will argue it demonstrates Samsung's extraordinary influence over South Korea's political establishment.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Street justice isn’t pretty but how else do you deal with this kind of insanity? Sometimes someone needs to standup and say something
Armenia and Azerbaijan sign U.S.-brokered accord at White House outlining transit link via southern Armenia
Barcelona Resolves Captaincy Issue with Marc-André ter Stegen
US Justice Department Seeks Release of Epstein and Maxwell Grand Jury Exhibits Amid Legal and Victim Challenges
Spain Scraps F-35 Jet Deal as Trump Pushes for More NATO Spending
France Faces Largest Wildfire Since 1949 as Blazes Rage Across Aude
French Senate Report Alleges State Cover‑Up in Perrier ‘Natural Mineral Water’ Scandal
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Brazilian President Lula says he’ll contact the leaders of BRICS states to propose a unified response to U.S. tariffs
US envoy Steve Witkoff arrived in Moscow to seek a breakthrough in the Ukraine war ahead of President Trump’s peace deadline
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Britain's Online Safety Law Sparks Outcry Over Privacy, Free Speech, and Mass Surveillance
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Karol Nawrocki Inaugurated as Poland’s President, Setting Stage for Clash with Tusk Government
US Charges Two Chinese Nationals for Illegal Nvidia AI Chip Exports
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
U.S. Tariff Policy Triggers Market Volatility Amid Growing Global Trade Tensions
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
German Finance Minister Criticizes Trump’s Attacks on Institutions
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Parents Abandon Child at Barcelona Airport Over Passport Issue
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
China Enforces Comprehensive Ban on Cryptocurrency Activities
Grok 4 Video plus Voice, can identify wildlife!
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
The UK Does Not Have a ‘Far-Right’ Problem
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
JD Vance Warns Europe Faces “Civilizational Suicide” Over Open Borders and Speech Limits
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
×