Jay Y. Lee, the billionaire and successor of Samsung Group and vice president of Samsung Electrics Co. was convicted of bribery for five years in prison. This is a serious blow to the successor of the world's largest manufacturer of smartphones and memory chips.
Lee was found guilty of bribery, perjury and abuse, a three-member panel of Seoul's central district said on Friday.
The 49-year old manager was detained in February, pleading repeatedly for innocence during the trial. Prosecutors insisted on 12 years in prison.
The decision casts doubt on Lee's return to the conglomerate that his grandfather founded 80 years ago and is now leading a battle for supremacy with Apple Inc.
Lee's controlled family, Samsung is the largest South Korean conglomerate with over 60 units, from life insurance to cargo and clothing trade. The empire has a market capitalization of $395 billion.
Samsung Electronics is responsible for the majority of its $272 billion worth of capitalization. The company is the largest smartphone and memory chip manager, and Apple, Wal-Mart Stores and Microsoft are among its customers, according to Bloomberg.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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