April 23, 2024

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[THE INVESTOR] Samsung Electronics Vice Chairman Lee Jae-yong filed an appeal on Aug. 28, three days after a court sentenced him to five years in jail.

His attorney, Kim Jong-hoon, submitted the appeal to the Seoul Central District Court against the ruling that dealt a blow to the image of the global electronics giant amid a prolonged leadership vacuum. 

On Aug. 25, the court handed down the verdict, convicting Lee of involvement in Samsung’s provision of 7.2 billion won (US$6.38 million) in bribes for the equestrian training of the daughter of Park‘s longtime friend and confidante Choi Soon-sil.

After the sentencing, Lee’s attorneys said they cannot accept the verdict, saying they are confident that Lee would be cleared of all charges at an appeals court.

The first hearing for the appeals trial is expected to be held next month, observers said.

Prosecutors had demanded a 12-year jail term for him on charges of offering or pledging 43.3 billion won of bribes to win the government‘s blessing for a merger of two Samsung units under terms designed to increase his control over the entire Samsung empire so as to cement a power transfer from his ailing father Lee Kun-hee.

By Alex Lee and newswires (alexlee@heraldcorp.com)