Confirmed. Samsung Electronics Co.'s Vice Chairman Jay Y. Lee's criminal record has been cleared after receiving a presidential pardon. Lee previously spent 18 months in prison before being released on parole.

The President of South Korea has Granted a Pardon to Lee Jae-yong of Samsung for Bribery

According to the story in The Wall Street Journal, Lee Jae-yong receives a Presidential pardon as per the statement of the presidential office of South Korea. The move, as described by the publication, comes with "expectations that the business tycoon will help propel the nation's economy.

Mr. Lee was imprisoned twice for trying to bribe the former president of South Korea. His criminal record for his convictions in 2017 will be wiped clean.

Lee Served as Vice President of Samsung and was Released on Parole in 2021

The Vice Chairman of Samsung was released on parole in 2021. As per an article by Bloomberg, this move comes as the global economy is facing numerous "shocks" coming from the situation in Ukraine, China's Covid Zero lockdowns, rising inflation, and the "threat of uncertainty coming for export-oriented Korea."

The relationship between the US and China has complicated long-term operational plans for Samsung. The company is known to run major fabs in both countries.

Lee Jae-yong's Pardon will Officially Take Effect on August 15, the Independence Anniversary of South Korea

The Korean government gave a joint statement noting that they have made their move based on the bid that this could help overcome the economic crisis. The 54-year-old was granted a special pardon which will officially go into effect on Aug. 15, which is also the independence anniversary of South Korea.

Before the decision, due to alleged attempts to bribe a sitting president and even win government support, he was sentenced to 30 months. With his pardon, he will once again be able to rejoin the board and even travel overseas in order to make deals with other companies.

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Lee Was Pardoned to Help Overcome the 'National Economic Crisis'

The Presidential pardon will allow Mr. Lee to regain his role in leadership. His parole prevented him from taking up employment for five years, and he can only receive reports from company executives without taking on a proper board title.

The publication notes that with the pardon of Mr. Lee, strategic decisions regarding chipmaking deals to governance reforms could be widely expedited. This is so important because Samsung is known as the world's largest producer of memory chips, mobile displays, and smartphones.

According to Reuters, the pardon came from Yoon Suk-yeol, the President of South Korea himself. It was noted that the business leader was needed to help the country overcome the "national economic crisis" they were experiencing.

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This article is owned by Tech Times

Written by Urian B.