The bribery case of Mr Lee Jae-young, a businessman who has been called the most influential in South Korea. It has been watched all over the world, with Lee sentenced to five years in prison for bribing South Korea’s first female president, Park Geun Hye in 2017, for which Lee has denied the allegations. And the punishment is reduced and the punishment is temporarily suspended after the appeal has been filed. Making Mr E released after just one year in prison
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The case was later sent to the Seoul High Court for reconsideration, leading to this decision.
Samsung’s shares fell after the decision, with Samsung Electronics falling 3.4 percent, the biggest drop in five months, while Samsung C&T shares fell 6.8 percent.
Samsung is the largest family business in the country. Its shares account for 20 percent of the South Korean stock market. This ruling marks a significant step in shifting the perceptions of large family businesses, or chaebol, often criticized for having close ties to politicians.
Origin: Reuters
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