Samsung heir gets presidential pardon amid economic crisis

SEOUL • South Korea's President Yoon Suk-yeol pardoned Samsung Electronics vice-chairman Jay Y. Lee yesterday, with the Justice Ministry saying the business leader was needed to help overcome a "national economic crisis".

The pardon is largely symbolic, with Lee already out on parole after serving 18 months in jail for bribery in a scandal that led to massive protests and brought down then President Park Geun-hye in 2017.

However, analysts said the pardon should mean Lee will be able to carry out business activities with fewer legal restrictions, and could herald some large investments from Samsung, the world's biggest smartphone and memory-chip maker.

"With urgent need to overcome the national economic crisis, we carefully selected economic leaders who lead the national growth engine through active technology investment and job creation to be pardoned," Justice Minister Han Dong Hoon told a briefing.

Tech-and export-dependent South Korea, Asia's fourth-largest economy, is grappling with soaring inflation, weakening demand, poor sentiment and slowing spending.

Lee, an heir of Samsung's founding family, welcomed the decision and vowed to work hard for the national economy "with continuous investment and job creation".

Also pardoned by the pro-business Mr Yoon was Lotte Group chairman Shin Dong-bin, who was sentenced to 21/2 years in prison on charges of bribery, also related to Ms Park.

In a statement, Lotte said Mr Shin would also help in "overcoming the complex global crisis".

Ms Park herself was pardoned late last year by her successor, liberal president Moon Jae-in.

A survey jointly conducted last month by four pollsters showed that 77 per cent of respondents favoured pardoning the Samsung leader, despite the earlier protests.

"(That support) is apparently due to the current economic situation, but people also seem to have thought in part that Lee was somewhat in a position where he could not shrug off pressure from the former administration," said political commentator Eom Kyeong-young, who is based in Seoul.

While business groups including the Korea Chamber of Commerce and Industry and Korea Enterprises Federation welcomed the pardon for Lee, civil rights groups criticised Mr Yoon's pardons for businessmen.

"The Yoon Suk-yeol administration... is ultimately just aiming for a country only for the rich," the People's Solidarity for Participatory Democracy said in a statement.

While experts say Lee could now more freely participate in management, his legal woes persist due to an ongoing trial where he faces the risk of returning to jail if he is found guilty of charges of fraud and stock manipulation.

REUTERS