So there is a saying, even in computer repair: Two steps forward, two steps back. That must be what Samsung feels right now. They just overcame the Samsung Galaxy 7 fiasco, and have high hopes for Galaxy 8. But now, a Samsung leader is convicted of bribery.
A South Korean court ruled Lee Jea-Young guilty of bribery, embezzlement, and other corruption charges. Also, the court sentenced the Samsung second-generation heir to five years in prison. The court agreed that Jea-Young and other Samsung leaders paid off over $6.4 million in bribes. They say these bribes were to ensure the Samsung leader’s power. One bride cost over $3.2 million to a company one of his friends owned. Then another bribe included horses sent to a colleague’s daughter.
Furthermore, they convicted the Samsung leader of perjury, lying under oath in court. But this South Korean drama is not over. Jea-Young’s lawyers plan to appeal. History might be on Lee Jae-Young’s side. Because of all the wealthy powerful South Koreans convicted of corruption, none actually went to prison. This includes his own father, Lee Kun-hee. ?Plus, protesters, many of them, call for Lee Jae-Young’s total release.
However, the mood in that nation is changing. A few short months ago, they impeached South Korean President Park Geun-hye over political corruption allegations. ?Then, take in this fact: ten of the richest South Korean families control 80% of South Korea’s wealth. ?Obviously, the Samsung family is one of them. Recently, six families were convicted of corruption. But nobody went to prison. Some even got a pardon from the South Korean president. There is a growing movement against the coddling of such rich and powerful families. Let’s flip the script. What if the Gates’, or other Silicon Valley tech family, got sentenced on corruption? Yet, the US President keeps pardoning them and letting them do what they want? Would this upset you? So in this case, prison looks more like a reality. But if Lee Jea-Young does end up behind bars, how would that impact Samsung during this crucial time?