SEOUL: South Korea's President Yoon Suk-yeol pardoned Samsung Electronics Vice Chairman Jay Y. Lee on Friday, with the justice ministry saying the business leader was needed to help overcome a "national economic crisis".
The pardon is largely symbolic, with Lee already out on parole after serving 18 months in jail for bribery in a scandal that led to massive protests and brought down then-President Park Geun-hye in 2017.
However, analysts said the pardon should mean Lee will be able to carry out business activities with fewer legal restrictions, and could herald some large investments from Samsung, the world's biggest smartphone and memory-chip maker.
"With urgent needs to overcome the national economic crisis, we carefully selected economic leaders who lead the national growth engine through active technology investment and job creation to be pardoned," Justice Minister Han Dong Hoon told a briefing.
Tech-and export-dependent South Korea, Asia's fourth-largest economy is grappling with soaring inflation, weakening demand, poor sentiment and slowing spending.
Lee, an heir of Samsung's founding family, welcomed the decision and vowed to work hard for the national economy "with continuous investment and job creation."
Also pardoned by the pro-business Yoon was Lotte Group chairman Shin Dong-bin, who was sentenced to a two-and-a-half-year prison sentence on charges of bribery, also related to Park.
In a statement, Lotte said Shin would also help in "overcoming the complex global crisis."
POLITICAL CRIMES
Park herself was pardoned late last year by her successor, liberal president Moon Jae-in, who struggled to follow through on campaign vows to clean up business and politics.
A survey conducted last month jointly by four pollsters showed that 77% of respondents favored pardoning the Samsung leader, despite the earlier protests.
"(That support) is apparently due to the current economic situation, but people also seem to have thought in part that Lee was somewhat in a position where he could not shrug off pressure from the former administration," said Eom Kyeong-young, a political commentator based in Seoul.
While business groups including the Korea Chamber of Commerce & Industry and Korea Enterprises Federation welcomed the pardon for Lee, civil rights groups criticized Yoon's pardons for businessmen.
"The Yoon Suk-yeol administration... is ultimately just aiming for a country only for the rich," People's Solidarity for Participatory Democracy said in a statement.
Another jailed former president, Lee Myung-bak, had been expected to be pardoned after Yoon raised the possibility in June, but was ultimately not on the list. He was arrested in 2018 and sentenced to 17 years in prison for corruption, embezzlement and bribery.
BACK IN BUSINESS
Analysts have long expected decisions on major projects and investments once Lee was reinstated, with company sources saying such decisions should only be made by Lee.
"This removes the employment restriction Lee was technically under," said Park Ju-gun, head of research firm Leaders Index.
"And projects that were being pursued by Samsung, such as major M&A or investments, these could be tied to the pardon."
Even before receiving the presidential pardon, Lee had returned to the limelight, appearing in May with President Yoon and U.S. President Joe Biden when they visited Samsung's Pyeongtaek chip production facilities.
He has also visited Europe in June to meet ASML Holding CEO Peter Wennink, discussing the adoption of key high-end chip equipment.
Last November, Samsung decided on Taylor, Texas as the site of a new $17 billion chip plant.
Top Samsung executives have hinted earlier this year at potential upcoming acquisition activity. Samsung Electronics has not conducted a high-profile deal since it completed its purchase of audio electronics maker Harman for $8 billion in 2017.
Although macroeconomic factors such as a demand downturn may weigh on investment decisions, Samsung has a huge war chest.
Samsung Electronics' cash balance increased slightly to 125 trillion won ($95.13 billion) as of end-June, from 111 trillion a year earlier.
While experts say Lee could now more freely participate in management, his legal woes persist due to an ongoing trial where he faces the risk of returning to jail if found guilty of charges of fraud and stock manipulation.
Shares in Samsung Electronics closed up 0.5% versus benchmark KOSPI's .KS11 0.2% rise. Lotte Corp 004990.KS shares were down 0.6%.
Reuters
Fri Aug 12 2022
Samsung Electronics Vice Chairman Jay Y. Lee leaves a court in Seoul, South Korea, August 12, 2022. - Yonhap/via REUTERS
14 rumah terjejas ribut landa Kuala Muda
Antara kawasan lain yang terlibat ialah Kampung Teluk Wang Besar, Kampung Teluk Wang Kechil, Kampung Bukit dan Kampung Masjid.
Manfaatkan teknologi AI dalam sektor pendidikan
Perbincangan diperlukan mengenai cara-cara untuk mengintegrasikan AI ke dalam sistem pendidikan secara berkesan.
AWANI Pagi: Berita tumpuan & menarik di astroawani.com [29 April 2024]
Antara fokus Awani Pagi bersama Geegee Ahmad & Afiezy Azaman;
IPR: Peniaga nasi kukus raih jualan RM14,000 sebulan
Waspada ejen nikah Siam
Pindaan Garis Panduan Lawatan: Sekolah diharap susun semula program – Fadhlina
IPR: Peniaga nasi kukus raih jualan RM14,000 sebulan
Waspada ejen nikah Siam
Pindaan Garis Panduan Lawatan: Sekolah diharap susun semula program – Fadhlina
TotalEnergies setuju tingkat pelaburan di Malaysia - PM
TotalEnergies menyatakan komitmen dan bersetuju untuk mempertingkatkan pelaburan dalam sektor huluan minyak dan gas.
PRK Kuala Kubu Baharu: Ramasamy perlu bertanggungjawab jika pengundi pilih pemimpin tidak tepat - Ramanan
Jika kempen tolak undi PH itu berjaya, Ramasamy perlu berdepan penduduk Kuala Kubu Baharu sekiranya timbul masalah pada masa hadapan.
Jiwa SME: Permintaan daun moringa meningkat, jadi tumpuan luar negara
Berdasarkan laporan Vodus Market Research, sebuah firma penyelidikan dan analisis data pasaran dalam talian, kira-kira 71 peratus penduduk di negara ini mengambil suplemen pada 2021.
Nilai pasaran suplemen negara juga menunjukkan peningkatan ketara dalam tempoh 2014 hingga 2019, iaitu daripada RM2.07 bilion kepada RM3.1 bilion. Angka itu dijangka terus meningkat pada masa akan datang.
Nilai pasaran suplemen negara juga menunjukkan peningkatan ketara dalam tempoh 2014 hingga 2019, iaitu daripada RM2.07 bilion kepada RM3.1 bilion. Angka itu dijangka terus meningkat pada masa akan datang.
Biden kekal tidak sokong pencerobohan di Rafah
Mesej itu disampaikan menerusi perbualan telefon dengan Perdana Menteri Israel, Benjamin Netanyahu pada Ahad.
Biden kekal tidak sokong pencerobohan di Rafah
Presiden Amerika Syarikat, Joe Biden bercakap dengan Perdana Menteri Israel, Benjamin Netanyahu, pada Ahad.
Tiga perkara perlu dilakukan bagi elak kemusnahan di Gaza
Presiden Palestin Mahmoud Abbas menyuarakan tiga perkara yang perlu diberikan pertimbangan masyarakat dunia dan mengiktiraf Palestin sebagai negara merdeka termasuk ahli penuh Persatuan Bangsa Bangsa Bersatu (PBB). Beliau berkata demikian di Mesyuarat Khas Forum Ekonomi Dunia (WEF) di Riyadh hari ini.
Delegasi Hamas ke Kaherah bincang gencatan senjata
Satu delegasi Hamas akan melawat Kaherah untuk rundingan yang bertujuan untuk mendapatkan gencatan senjata, pada Isnin.
TSMC akan hasilkan cip 1.6nm menjelang 2026
Menurut TSMC, teknologi 1.6mm akan memberikan peningkatan prestasi sehingga 8-10% untuk voltan yang sama serta pengurangan penggunaan kuasa antara 15-20% pada kelajuan yang sama.
Samsung naik taraf Bixby dengan AI Generatif
Bixby akan kekal wujud di samping Galaxy AI dan Samsung akan terus mengemas kini pembantu maya mereka ini untuk lebih mesra pengguna.
Samsung lancar televisyen AI 27 Mac ini
Pada 27 Mac 2024, 9PM Samsung Malaysia akan mengadakan acara Unbox & Discover 2024.
Intel tawar perkhidmatan pengeluaran cip kepada AMD, NVIDIA, Qualcomm
Apabila Intel Foundry Services beroperasi secara sepenuhnya, Intel akan mempunyai kemampuan untuk membangunkan cip intel tersuai yang hadir dengan teknologi terbina.
Sistem kesan apnea tidur Samsung Galaxy Watch terima kelulusan FDA
Sistem pengesanan apnea tidur Samsung memerlukan waktu tidur pemakai dijejak selama empat jam sehari selama dua hari.
7 daripada 10 telefon paling laris 2023 ialah iPhone, 3 lagi keluaran Samsung
iPhone 14 Pro Max mencatatkan jualan tertinggi dengan 34 juta unit.
Pengeluaran tablet susut 10.3% sepanjang 2023, iPad memegang 40% pasaran
Sepanjang 2023, pengeluaran tablet susut 10.3% berbanding 2022.
Pengerusi Eksekutif Samsung didapati tidak bersalah kes penyelewengan
Risiko dipenjarakan semula kerana kesalahan memberikan rasuah kepada Presiden Park Geun-hye tidak akan berlaku.
Siri Galaxy S24, telefon AI pertama daripada Samsung kini tiba
Dikuasakan Galaxy AI yang akan mengubah cara peranti mudah alih memperkasakan pengguna buat selamanya.
Keunggulan kuasa AI di tapak tangan anda dengan Galaxy AI
Satu pengalaman AI bimbit menyeluruh, dipacu bersama oleh AI dalam peranti dibangunkan Samsung serta AI berasaskan awan.