South Korea’s economy rests on corruption
Samsung boss forgives billionaire
he asked to return to work
Seoul. The heir and de facto leader of the Samsung Group received a pardon from South Korea’s president on Friday. South Korea has a long tradition of freeing business leaders convicted of corruption. One who is financially strong becomes free and this is a recent example.
Justice Minister Han Dong-hoon said billionaire Lee Jae-yong, who was convicted of bribery and embezzlement in January last year, was involved in the country’s financial woes. It will be honored for the opportunity to contribute. According to a report by Forbes, Lee is the 278th richest person in the world with a net worth of $7.9 billion. Lee was released on parole in August 2021 after serving 18 months in prison.
There is a possibility of economic slowdown in the country for a long time
In a statement, the Justice Ministry expressed apprehensions that the country will continue to be in a prolonged economic slowdown. The ministry has said that the pace of the country’s economy has slowed down, its effect is being seen on the lives of the people.
Lee allowed to return to work
The ministry said the pardon was granted so that Lee could lead the country’s sustainable growth engine through active investments in job creation. Friday’s pardon allows him to return to work in full, lifting the employment ban after a five-year prison term.
North Korean dictator Kim Jong Un, who became seriously ill from Corona, accused the enemy country
3 Apologies to other businessmen
Lee, 54, was pardoned along with three other businessmen, including the chairman of his group, Shin Dong-bin, who was given a suspended two-and-a-half-year prison sentence for bribery in 2018. Lee is the Vice Chairman of Samsung Electronics, the world’s largest smartphone maker. The group’s total turnover accounts for about a fifth of South Korea’s GDP.
Tags: economic crisis, samsung, South Korea
First Published: August 12, 2022, 15:31 IST