Prosecutors seek 12 years’ jail for Samsung heir

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SEOUL: South Korean prosecutors on Monday demanded the heir to the Samsung empire be jailed for 12 years over his role in the corruption scandal that brought down the country’s last president.

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At the final hearing in the trial of Lee Jae-Yong, the vice chairman of Samsung Electronics, prosecutors called him the “ultimate beneficiary” of crimes committed in the scandal, which culminated in the impeachment and dismissal of president Park Geun-Hye.

Lee Jae-Yong AFP PHOTO

If the judges convict him and agree with the sentence recommendation it will be among the harshest penalties ever passed on a top executive of a chaebol, the business groups that dominate Asia’s fourth-largest economy.

Lee and four other executives of Samsung—the world’s biggest smartphone maker and the country’s largest firm—are accused of bribing Park’s powerful confidante with millions of dollars to win presidential favors and ease a controversial 2015 merger deal.

“The defendants were closely tied to power and sought personal gains,” the prosecutors said.

They sought a 12-year sentence for Lee, who is also charged with embezzlement and hiding assets overseas among other offenses, 10-year terms for three of his co-accused, and seven years for the last of the defendants in the trial.

Lee denied any wrongdoing.

“I once again deeply regret and apologies for causing a huge disappointment,” he told the court in his final statement, choking up and pausing at one point for a sip of water.

Lee has been in custody for the past six months, and said that during his time in detention he realized he had “many shortcomings” and there were some things he “failed to oversee” as a business leader.

But he insisted: “I never sought favors from the president for personal gain.”

One of the favors Lee allegedly sought from Park was state approval for a controversial merger of two Samsung units in 2015, seen as a key step to ensuring a smooth power transfer to him.

The deal was opposed by shareholders who said it willfully undervalued shares of one of the firms. But it eventually went through after the national pension fund—a major Samsung shareholder—approved it.

Lee, 49, has effectively been at the helm of Samsung, which has revenues equivalent to about a fifth of the country’s GDP, since his father was left bedridden by a heart attack in 2014.

Taking the stand for the first time in his defense last week, he claimed he had no role in decision-making at the wider Samsung group and “mostly listened to other executives.”

His lawyers say the allegations were unjustified and the defendants never sought anything in return for the money that was donated.

The verdicts will be given on August 25.

A Samsung Group spokeswoman said it had no comment on the prosecutors’ request.

AFP

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