Samsung boss Lee Jae-yong freed from prison on parole, critics allege ‘preferential treatment’ for South Korean tycoon
- There is a long history of top South Korea chaebol figures being charged with bribery, embezzlement, tax evasion, or other offences
- Lee Jae-yong was serving a two-and-a-half-year prison sentence in connection with scandal that brought down former president Park Geun-hye
Lee Jae-yong – the 202nd richest person in the world according to Forbes, with a net worth of US$11.4 billion – was serving a two-and-a-half-year prison sentence for bribery, embezzlement and other offences in connection with the corruption scandal that brought down former South Korean president Park Geun-hye.
But calls for his early release from both politicians and business leaders grew in recent months over what they claimed was a possible leadership vacuum at the South’s biggest conglomerate.
The justice ministry announced on Monday he had been paroled – among around 800 early releases – citing concerns over the coronavirus pandemic’s impact on the economy.
Lee, 53, bowed to reporters waiting outside a detention centre south of Seoul and told them: “I have caused too much concern to the people. I’m really sorry.”
Wearing a black suit, he added: “I’m listening carefully to your worries, criticisms, concerns, and high expectations about me.”