Samsung Heir Convicted of Bribery; Sentenced to 5 Years

The vice chairman of and heir to Samsung Electronics Co. on Friday was found guilty of several bribery-related charges and sentenced to five years in prison. Prosecutors alleged that Lee Jae-yong attempted to pay South Korea’s now-deposed President Park Geun-hye into backing Samsung-related deals, including a large merger. In addition to bribery, Lee was convicted of embezzlement, hiding assets abroad, concealing criminal profits, and perjury. Per The Wall Street Journal, Samsung reportedly acknowledged some payments that ended up covering equestrian training for the president’s daughter, but said such payments were not in return for any political favors. The jury, however, ruled otherwise, finding roughly $5.7 million of those funds to have constituted embezzlement.