Samsung chief gets 5-year prison term for corruption


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Samsung's deep reach into daily life

A South Korean court has found Lee Jae-yong, the de facto chief of the sprawling Samsung business empire, guilty of bribery and other corruption charges.

Lee, the billionaire son of Samsung’s ailing chairman, was sentenced to five years in prison on Friday, well short of the 12-year prison sentence prosecutors had sought.

The criminal conviction is a blow for Samsung, the world’s largest smartphone maker and South Korea’s biggest family conglomerate.

Related: South Korea’s long history of light sentences for business leaders

Samsung Electronics’ (SSNLF) share price fell 1.5% in Seoul after the verdict was announced on Friday.

Wearing a navy suit and holding a manila envelope, Lee remained seated and silent as the judge read out the verdict.

The so-called “trial of the century” has gripped South Korea for months.

Developing story — more to come.

— Paula Hancocks, Lauren Suk, Taehoon Lee and Carolyn Sung contributed to this report.

CNNMoney (Hong Kong) First published August 25, 2017: 2:37 AM ET


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