London Daily

Focus on the big picture.
Monday, Jun 30, 2025

Samsung boss Lee Jae-yong released from jail on parole 'in national interest'

Samsung boss Lee Jae-yong released from jail on parole 'in national interest'

Critics of Lee Jae-yong's release will argue it demonstrates Samsung's extraordinary influence over South Korea's political establishment.

The office of South Korea's president has revealed that the boss of Samsung Electronics, Lee Jae-yong, has been freed early from jail in the "national interest".

Lee, the company's vice chairman but de-facto leader, was released on parole on Friday - a year before the end of a 30-month sentence linked to the bribery of a friend of the nation's former president, Park Geun-hye.

He was also convicted at a retrial in January of embezzlement and concealment of criminal proceeds worth about 8.6 billion won (£5.7m), leaving him sidelined from major decision-making at the company.

Samsung is one of the world's largest makers of smartphones and computer chips - the latter currently at the centre of a global shortage, linked to the COVID-19 crisis, that has hampered production of goods from cars to games consoles.

Samsung is launching the new Samsung Galaxy Z Fold3 and Z Flip


The parole decision was taken by the justice ministry, according to the presidential office.

"(We) accept it as a choice for the national interest and hope for the people's understanding," a spokesperson told reporters.

Lee appeared outside the Seoul Detention Center, wearing a dark grey suit and looking thinner than when he was detained, to tell journalists waiting outside: "I've caused much concern for the people. I deeply apologise.

"I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard."

What he is able to do at Samsung is unclear as it is understood that five years of business restrictions were placed on him as part of his parole terms.

However, the country's justice ministry is widely tipped to clear Lee to return to the office but with conditions remaining in areas such as business travel.

While he has little to do with the day-to-day running of operations at Samsung, the company is said to rely on him for major investment and M&A (merger and acquisition) decisions.

Lee is pictured arriving at court before he was jailed in January


The importance of Samsung to South Korea's economy had seen support for his parole grow amid anxiety that key strategic decisions were not being made to boost the firm's competitiveness.

Samsung, which accounts for almost a fifth of South Korea's stock market value alone, is for example yet to reveal the location for a planned $17bn (£12.3bn) factory in the United States to produce advanced logic chips - lagging similar investments by rivals including Intel.

Critics of Lee's release will argue it demonstrates Samsung's extraordinary influence over South Korea's political establishment.

Newsletter

Related Articles

0:00
0:00
Close
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
×