![]() Instead, Samsung has insisted that a merger of two Samsung companies at the center of the scandal was about creating business benefits. He was convicted of crimes related to the explosive corruption scandal that toppled South Koreas previous. The verdict also dealt a blow to Samsung's publicly stated position that recent business dealings or restructuring efforts have nothing to do with the succession of corporate leadership to Lee from his father. Samsung leader Lee Jae-yong was released from prison on parole a year early on Friday. Lee, convicted of bribery and embezzlement, was released on parole on Friday, with hopes high at the tech giant that he will also. ![]() ![]() In total, Samsung paid $7.9 million in bribes to the German company and a winter sports center, the judges said. UIWANG, South Korea -Samsung Electronics Vice Chairman Jay Y. The attempts to hide Samsung's involvement also constituted crimes, it said. Samsung secretively provided a huge amount of money to Choi's Germany-based company that paid for the training and the exorbitantly priced foreign horses worth 3.6 billion won ($3.2 million) were part of the bribes, the verdict said. They said Lee was aware that Park wanted Samsung to sponsor the equestrian training. Judges pointed to an unusual arrangement in which Samsung bankrolled equestrian training for Choi's daughter as proof of Lee's knowledge of what was transpiring. She and Choi are both currently on trial. Park, who was embroiled in a tumultuous series of scandals, was removed from office in March. The closely-watched verdict is the latest convulsion in a political scandal that prompted millions of South Koreans to protest last fall, culminating in the ouster and arrest of Park as well as the arrests of Choi and Lee. He said he was unaware of the foundations or the donations, which were overseen by other executives. But Lee, vice chairman at Samsung Electronics and the Samsung founder's grandson, claimed innocence during the court hearing. Samsung has not denied transferring corporate funds. Lee was accused of offering $38 million in bribes to four entities controlled by Choi Soon-sil, a long-time friend of Park, in exchange for government help with a merger that strengthened Lee's control over Samsung after his father suffered a heart attack in 2014. "We hope that it would pave the way to end persistent government-business collusion, which has hampered society from moving forward," its spokesman Yoon Young Chan said. South Korean President Moon Jae-in's office, in a rare commentary on a court ruling, welcomed the ruling as a step toward rooting out corruption. ![]() The verdict, however, could be good news for shareholders at South Korean companies who have complained about weak corporate governance that let founding families wield outsized influence and enjoy emperor-like authority even with minority ownership. "It will be a disaster not just to an individual company but to the nation's economy." "Samsung Electronics represents South Korea as a global company so we are deeply worried about the fallout from his long absence," said a Korea Employers Federation spokesman. ![]()
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