Samsung Electronics Vice Chairman Lee Jae-yong is currently very relieved. On the occasion of Liberation Day, which is celebrated in South Korea next week, he received a pardon from President Jun Sok-yol. Now the largest Korean conglomerate can formally take over.
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Lee Jae-yong was previously sentenced to 2,5 years in prison after being found guilty of bribing an adviser to former Korean President Park Geun-hye to force the merger of Samsung C&T and Cheil Industries. After serving 1,5 years in prison, he was paroled and needed permission to travel abroad for business meetings. His pardon is expected to improve Samsung's business and, as a result, the Korean economy (last year, Samsung accounted for more than 20 percent of the country's GDP).
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During his time in prison, Lee Jae-yong was unable to exercise his position on the company's board of directors. He only received messages from her representatives. He is now expected to make major strategic decisions, such as closing major chip contract manufacturing deals. After the announcement of Lee's pardon, Samsung Electronics shares rose 1,3% in the country.
