The Vice Chairman of Samsung Electronics, Lee Jae-yong, was released on amnesty on Friday 13 August following his being in prison for 18 months out of a 30 month prison term for corruption.
Lee Jae-yong is Samsung’s de facto leader. He walked out of Seooul Detention Centre in Uiwang. Lee Jae-yong is in position 202in the Forbes list of richest people globally. His net worth is valued at $11.4 billion. He was in prison serving a 2.5 year sentence before he was paroled. Lee Jae-yong was charged for embezzlement, bribery and other offences. His corruption scandal is the one which led to the fall of ex-president of South Korea Park Geun-hye.
In recent months politicians and business leaders called for his early release. The reason for their calls was a leadership vacuum at Samsung. Lee Jae-yong had been paroled with 800 others. The state cited concerns over coronavirus pandemic as the main reason for the parole.
“I am very sorry for making people worried. I know there are concerns, criticism, worries and big expectations for me. I will do my best,” Lee Jae-yong told reporters outside the detention center.
Lee Jae-yong entered a vehicle and left the place. Several people gathered outside the prison to demonstrate their support or opposition for his release from prison. Those opposing his release question why South Korea is lenient on jailed business leaders.
Lee Jae-yong’s name was one of the 810 prisoners who were released on the occasion of Liberation Day. This is a day which marks the end of Japanese colonial rule over Korean Peninsula in 1945. Vice Justice Minister Kang Sung-kook was the chairperson of the Parole Review Committee. They hoped that having Lee Jae-yong in business will have an impact of boosting the economy of South Korea.
“In particular, Samsung Electronics Vice Chairman Lee Jae-yong was included on the list as we considered the national economy and global economic circumstances due to the COVID-19 pandemic,” a justice ministry statement says.
“We also considered various factors, including public sentiment and his attitude in prison.”
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A statement from Blue House (an equivalent of Kenya’s Statehouse) stated that the public should understand that the decision to release Lee Jae-yong was in South Korea’s interest.
“Many people wanted parole as they have expectations for [his] role in the fields of semiconductors and vaccines amid the serious crisis,” said Park Su-hyun, spokesperson for President Moon Jae-in, in a briefing on Friday after Lee Jae-yong left detention.
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