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Samsung heir receives presidential pardon in attempt to ‘overcome economic crisis’ – londonbusinessblog.com

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Jay Y. Lee, vice chairman of Samsung Electronics, will be pardoned by the president on Monday, South Korea’s justice ministry said.

Lee was released on parole last year after serving 18 months in prison for bribing former South Korean President Park Geun-hye. The parole banned Lee from serving for five years and limited travel abroad. The pardon will erase the 54-year-old CEO’s criminal record from his 2017 conviction.

The special grace allows Samsung’s de facto leader Lee, the grandson of Samsung’s founder, to officially join the management, restoring his right to work at the giant tech company. His arrival is expected to help Samsung accelerate decision-making on key strategies, from chipmaking to investment plans.

The pardon comes as the semiconductor industry faces challenges such as supply shortages due to the coronavirus pandemic, inflation and logistical issues.

A South Korean government official said the special grace to business leaders, who consider their role in directing national growth through technology investment and job creation, will help overcome the national economic crisis.

londonbusinessblog.com has reached out to Samsung for additional comment.

This is a story in development. More to follow…

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