London Daily

Focus on the big picture.
Wednesday, Oct 22, 2025

South Korea pardons Samsung's Jay Y Lee in bid to revive the economy

South Korea pardons Samsung's Jay Y Lee in bid to revive the economy

The de facto leader of Samsung, Lee Jae-yong, was pardoned by South Korea's president on Friday for crimes including bribery, allowing him greater freedom to run the smartphone and semiconductor giant.

The billionaire was twice sent to prison but had been out on parole since last year, but the special pardon ends a five-year ban on Lee holding a formal position at Samsung. The company's shares were up 1% in Seoul on the news.

"I will work harder and fulfill my duties as an entrepreneur," Lee said after his pardon was granted. "I will contribute to the economy through continuous investment and job creation for young people, and repay the expectations of the people and the government's consideration."

Lee has been operating as Samsung's de facto leader since 2014, when his father fell into coma after suffering a heart attack. The senior Lee died in 2020.

His pardon comes ahead of the country's Liberation Day which marks the liberation of Korea from Japanese imperial rule in 1945. The South Korean government often grants pardons around Liberation Day.

Lee, also known widely as Jay Y. Lee, had been sentenced to five years in prison for embezzlement and bribery in August 2017, but he walked free after less than a year in 2018 when an appeals court threw out some of the charges and suspended the sentence.

However, Lee was sent back to prison in January 2021 after being sentenced to two and a half years without a suspension after the Seoul High Court found him guilty of embezzlement and bribery. He was released on parole on Liberation Day last August.

Along with Lee, Lotte Group's Chairman Shin Dong-bin and two other business leaders were included in the group pardoned or reinstated by President Yoon Suk Yeol.

South Korea's Justice Minister Han Dong-hoon on Friday said, "To overcome the economic crisis by revitalizing the economy, Samsung's Vice Chairman Lee Jae-yong, who's term has recently ended, will be reinstated."

Despite an uncertain economic environment exacerbated by long-running supply chain issues and the war in Ukraine, Samsung has outlined some bold investments plans this year. In May, the South Korean conglomerate said it would pour more than $350 billion into its businesses and create tens of thousands of new jobs over the next five years, most of which would be in South Korea.


No employment restrictions for Lee


The pardon paves the way for Lee to work without restrictions.

According to South Korean law, if a person is convicted of embezzlement or breach of trust worth more than 500 million Korean won ($384,101), that person cannot work for a company related to the crime for five years even after the prison sentence ends. Reinstatement will lift the employment restrictions on Lee.

However, his legal troubles may not be over.

He faces a separate trial over a controversial 2015 merger that helped him tighten control over the company. Eleven executives from Samsung, including Lee, were indicted in 2020 on charges including illegal transactions, stock manipulation, and perjury.

That case is still pending.

Newsletter

Related Articles

0:00
0:00
Close
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
×