Tagged With bribery

Last year, Lee Jae-yong, the de facto leader of Samsung, was found guilty of bribery and embezzlement. Lee was sentenced to five years in prison, hinting at a future in which powerful South Korean leaders are unable to evade culpability for white-collar crimes. But on Monday, the Samsung heir was freed from prison after an appeals court reduced and suspended his sentence.

In a historic move, a South Korean court convicted Lee Jae-yong -- known as Jay Y. Lee in the Western world -- of bribery and embezzlement on Friday. Mr Lee has been sentenced to five years in prison, and the future of leadership at Samsung is now in question. For South Koreans, the verdict signals a new era of accountability for the handful of powerful families that control more than 80 per cent of South Korea's gross domestic product.

South Korea is in political chaos after the recent impeachment of its president, Park Geun-hye, and now, the charges of corruption are spreading to the highest levels of Samsung. A prosecutor is seeking the arrest of the company's vice chairman and de facto leader, Jay Y. Lee.