Lee Jae-Yong, the billionaire heir-apparent to South Korean electronics giant Samsung, has been sentenced to 5 years in Jail as part of the massive corruption scandal that shook the country and caused former South Korean President Park Geun-hye to be impeached.
Jae-Yong head of the world’s biggest cellphone maker, having taken over in place of his ailing father, stands accused of bribery and embezzlement relating to payoffs to a confidante of Park who lobbied on the $250 billion company’s behalf.
“In retrospect I had a lot of shortcomings and didn’t take care of the things that needed to be taken care of, and that’s all my fault,” he told the court earlier this month. “It was my responsibility. I have no excuses.”
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