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Samsung heir could face 12 years in jail for bribery

08 August 2017

The South Korean Prosecutor's Office has revealed on Monday that Samsung's heir will be sentenced to 12 years in prison for his contribution in the corruption scandal that led to the resignation of former President Geun-Hye, writes AFP.

Samsung Electronics investors have said their chief interest in the trial has been how long Lee will stay in detention, sidelined from fully participating in large-scale decision-making.

In the last hearing before sentencing, prosecutors announced the hefty sentence, and said that Lee and his lieutenants, who were also convicted, lied throughout the trial.

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The court said it will announce its verdict on the case on August 25.

Police investigators reportedly searched for documents relating to the allegations that Samsung Group paid a house interior firm from accounts created under borrowed names without issuing tax receipts from October 2008 to March 2015. One such deal was a merger between Samsung's two subsidiaries, Cheil Industries Inc. and Samsung C&T Corporation, which was expected to strengthen Lee's position within the Samsung Group. "Fair judgment and strict punishment can help to restore national dignity and unite the people for economic growth", it claimed for recommending the harsh jail term for Samsung executives including the young leader who has been heading the country's top company on behalf of bedridden Lee Kun-hee.

Lee, the 49-year-old son of Samsung's ailing chairman, has pleaded not guilty to charges of bribery, perjury, concealing criminal profits, embezzlement and hiding assets overseas.

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The billionaire scion of South Korea's richest family told the court: "I have never asked anyone, including the president, for anything for the company or my personal gain".

Park Geun-hye outside court in Seoul on Monday. They requested seven to 10-year terms for three other former Samsung executives.

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Samsung heir could face 12 years in jail for bribery