Lee Jae Yong was the defacto head of Samsung and his future in the company remains unclear

Lee Jae-yong, the heir to Samsung, was sentenced today to five years in prison amidst accusations that he bribed Choi Soon-sil, the close confident of the former President of South Korea Park Geun-hye, to curry political favour.

The businessman was facing a possible 12 year sentence and has denied all allegations of bribery. He is expected to appeal the decision.

Lee is accused of ‘donating’ SKW41 Billion (US$36 million) to non-profits operated by Choi, according to the BBC.

The prosecutors claimed the money was meant to secure government support for a company-wide restructuring at Samsung that would help Lee consolidate power within the technology giant.

Other South Korean executives donated to the non-profit but Samsung was the largest giver and Lee was facing the longest prison time of any of the people being charged.

Lee has acted as the defacto head of the company, filling in for the Chairman position after his father Lee Kun-hee had a heart attack in 2014. How the role of Lee in Samsung will change after this ruling remains to be seen.

Also Read: South Korean political scandal ensnares head of Samsung; country’s prosecutors want arrest

The case of Choi Soon-sil, who was sentenced to a three-year prison term in June, has been one of the largest political controversies in recent South Korean history and resulted in the impeachment of then-President Park. Choi was found to have accepted bribes — via her non-profits — in exchange for influence over Park as her trusted advisor. She remains on trial for other charges.

Park herself is also on trial in the corruption case.

According to the Associated Press, Samsung is South Korea’s largest company and the Lee family is the richest in the country.

Also Read: Samsung head arrested over involvement in South Korean political scandal

In South Korea, there has long been a cozy relationship between large multi-nationals (name Chaebols) and the government.

As of publishing, Samsung’s stock has fallen 1 per cent on the news.
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