Samsung’s de facto leader was freed from prison yesterday, five months after he was convicted of corruption, setting back reformers’ hopes that Seoul had turned a corner in taking on powerful chaebol conglomerates.
Lee Jae-yong was released after a South Korean appeals court halved the billionaire heir’s sentence to two-and-a-half years and suspended it for four years, allowing him to walk free immediately.
The court ruled Samsung had not sought favours from then-South Korean President Park Geun-hye. Prosecutors had claimed Mr Lee bribed Ms Park to win government backing for efforts to strengthen his control over Samsung.
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