A court in South Korea on Friday sentenced Samsung`s de-facto chief Jay Y. Lee to a five-year jail term, according to local media reports. The sentencing followed a trial where he was accused of paying bribes to gain government favors for the conglomerate.
Local news agency, Yonhap, said the court found Samsung Electronics vice chairman Lee guilty of giving bribes to get support from ousted President Park Geun-hye. It also convicted him of embezzlement, hiding assets overseas and perjury, Yonhap reported.
Lee is reportedly expected to appeal the decision, and one of Lee`s lawyers told reporters that they were confident the ruling would be overturned, according to Reuters.
Samsung C&T shares closed down 1.48 percent in the afternoon session, recovering slightly from an earlier drop of more than 2 percent. Samsung Electronics shares closed down 1.
Lee, the 49-year-old scion of the family behind South Korea`s largest chaebol, was taken into custody and held by authorities since February. Chaebols are South Korea`s large, family-run conglomerates that have historically played an important role in the country`s economic development.
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