8/25/2017, 8:31 AM (Source: TeleTrader)
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Samsung vice chair Lee found guilty of bribery

A South Korean court found Samsung Vice-Chairman and heir Jay Y. Lee guilty of bribery, embezzlement and perjury on Friday and he was sentenced to five years in prison. Lee was arrested in February on a string of charges connected to the corruption scandal that rocked South Korea last year and brought about the impeachment of now former President Park Geun-hye.

The Seoul Central District Court ruled Lee had paid bribes in order to secure support from the then-president for a merger between two Samsung subsidiaries. He was convicted of embezzling 6.4 billion won ($5.7 million) and providing false testimony during his trial as well. Prosecutors demanded a 12-year prison term for the Samsung heir, who denied all charges.

Baha Breaking News (BBN) / JC