Samsung Heir Lands Presidential Pardon For Bribery Conviction

Following the pardon, it seems likely Lee will be re-appointed to the Samsung board. In a statement, the South Korean government said: “In a bid to overcome the economic crisis by vitalizing the economy, Samsung Electronics Vice Chairman Lee Jae-yong, whose suspended prison term was ended recently, will be reinstated.” According to Bloomberg, Lee’s return is seen by many in Korea as a way to stabilize the country’s faltering economy. Like many nations, the Asian democracy is suffering from the combined effects of the coronavirus pandemic, supply shortages caused by the war in Ukraine, a global semiconductor shortage harming the tech and automotive industries, and the highest rates of inflation in decades. The news of Lee’s pardon has already boosted Samsung’s share price by 1.3%.

The special pardon will take effect on August 15, the anniversary of South Korea’s independence. Lee has issued a statement apologizing to the people of Korea and saying that he “will try harder to give back to society and grow together.” He had previously been barred from working as a condition of his probation. As a result, Lee could not take a formal role on the board and his involvement with Samsung was limited to receiving reports from company officials. Despite a grim earnings forecast, Samsung unveiled several upcoming devices at its annual Galaxy Unpacked event. The new range of tech included an upgraded version of its Galaxy Buds Pro earphones, several folding phones, and some new Galaxy smartwatches.