IT&Software

Samsung's Lee Jae-yong sentenced to 5 years' jail; appeal likely

Samsung's Lee Jae-yong sentenced to 5 years' jail; appeal likely

"This case is a matter of Lee Jae-yong and Samsung Group executives, who had been steadily preparing for Lee's succession. bribing the president", Seoul Central District Court Judge Kim Jin-dong said, using Lee's Korean name.

The Seoul Central Court announced that 49-year old Lee Jae Yong was guilty for offering bribes to cement the control of Samsung in South Korea with the support of the government. If Lee Kun-hee dies, it could trigger the type of infighting seen in other chaebol families in recent years, said Park Sang-in, a professor of public administration at Seoul National University and a chaebol critic.

The court also found Lee guilty of hiding assets overseas, embezzlement and perjury.

Prosecutors earlier sought 12 years against Lee, claiming Samsung's de facto leader offered or pledged 43.3 billion won (US$38 million) to win the government's blessing for a merger between two affiliates under terms created to increase his control over the entire business empire. Lee has been accused of offering bribes of 38 million Dollars for various departments after the death of his father.

A Samsung lawyer said the guilty verdict would be appealed.

The South Korean won strengthened to near four-week highs on Monday as the USA dollar slumped after the Jackson Hole conference where global central bankers failed to say quite what markets wanted to hear. "We hope the high court will do better".

Under Korean law, Lee can be kept in detention a maximum of four months while a court considers his appeal. The company has successfully weathered past crises that include two recalls of Galaxy Note 7 smartphones prone to catch fire and Lee's arrest.

Pliskova wins twice to reach semis, secure No. 1 spot
After rain washed out play on Thursday, Pliskova resumed her last-16 clash with Giorgi and triumphed 6-3 4-6 6-0. I knew she could stay there. "I'm used to putting so many things aside to be able to compete".


The sentencing is the latest episode in a scandal that saw millions of South Koreans protest last autumn, leading Park to be ousted. Lee has two sisters, but neither has been heavily involved in Samsung Electronics, which is widely regarded as the center of the Samsung empire.

Samsung is one of Korea's family-controlled conglomerates called chaebol.

Samsung has not denied transferring funds.

For the time being, Samsung Electronics is seeking to continue operating like it did so far and is even striving to go through with major mergers and acquisitions that would have otherwise been handled by Mr. Lee.

Out of 43.3 billion won - the total amount of the money which the special counsel viewed as paid or promised by Samsung Group - the court acknowledged only 8.92 billion won as a bribe. Among those 10 giants, the leaders of six have been convicted of white-collar crimes, with many being pardoned or having had their sentences commuted.

"Samsung Electronics Vice-Chairman Kwon Oh Hyun is expected to contribute to minimizing the leadership vacuum for the time being".


  • Gargash says restoration of full Iran ties 'embarrasses Doha'

    Gargash says restoration of full Iran ties 'embarrasses Doha'

    Qatar and Iran share an offshore natural gas field, called the South Pars Field by Tehran and the North Field by Doha. Analysts believe the unprecedented political crisis in the Persian Gulf has pushed Qatar closer to Tehran.
    Taylor Swift taking aim at Kanye's 'tilted stage' on new song?

    Taylor Swift taking aim at Kanye's 'tilted stage' on new song?

    While fans don't seem to be happy with Swift's new song, many of her fellow celebrties came out to praise Swift's single. It looks like the long-running feud between Nicki Minaj and Taylor Swift might be on again, according to new reports .
    AIADMK factions' merge after 6 months; OPS-EPS seal deal with handshake

    AIADMK factions' merge after 6 months; OPS-EPS seal deal with handshake

    It has been speculated that the merger has been brokered by the BJP, with both EPS and OPS meeting Prime Minister Narendra Modi . After six months of wrangling, the two rival factions of the ruling AIADMK in Tamil Nadu merged on Monday.
  • Oreo it is. Welcome Android version 8.0

    The Galaxy S7 series, along with Galaxy Note 7 Fan Edition and Galaxy Tab S3 will also be updated to Android Oreo but later on. The new Android 8 Oreo has a host of new features , from improved to picture-in-picture (PiP) mode to 3D pop ups for apps.
    Ben McAdoo vague on Odell Beckham's ankle injury

    Ben McAdoo vague on Odell Beckham's ankle injury

    If Beckham were to miss the first two weeks of the regular season, the Giants could find themselves in a bit of a predicament. TULSA, Okla. - New York Giants offensive lineman Michael Bowie has been charged with assault and battery in Oklahoma.
    West Nile virus found in Warren County community

    West Nile virus found in Warren County community

    A study released by Brock University Tuesday predicts a West Nile epidemic in Ontario is just weeks away. Last week in Hamilton, 15 batches of mosquitoes from 10 traps tested positive.
  • Iraqi forces zero in on IS-held citadel of Tal Afar

    Iraqi forces zero in on IS-held citadel of Tal Afar

    Meanwhile, Iraqi Foreign Minister Ibrahim al-Jaafari said the campaign against the militant group in Tal Afar would end soon. Iraqi forces have reclaimed a majority of the Islamic State controlled city of Tal Afar as part of a weeklong offensive.
    London's Big Ben to fall silent for four years

    London's Big Ben to fall silent for four years

    The maintenance and fix work will be carried out on the clock mechanism, and repairs and improvements to the clock tower building. The tower itself is commonly referred to as Big Ben even though the name applies only to the bell.
    Stenson grabs third-round lead after late birdie barrage

    Stenson grabs third-round lead after late birdie barrage

    Johnson Wagner shot a five-under 65 and was tied for fifth, two strokes adrift of Stenson. The top 125 qualify for The Northern Trust next week in NY .
  • Yingluck's flight provides Thai junta welcome way out

    Yingluck's flight provides Thai junta welcome way out

    Deputy Prime Minister Wissanu Krea-ngam said the government "should not comment" on Yingluck's case and her whereabouts. He said a warrant would be issued for her arrest, and announced the hearing would be postponed until September 27.
    State Department Issues Travel Warning For Parts Of Mexico, Including Cancun

    State Department Issues Travel Warning For Parts Of Mexico, Including Cancun

    The updated travel warning , which was released August 22, replaces an earlier travel warning issued December 8, 2016. In Baja California Sur , which includes Los Cabos , the homicide rate has been on the rise since a year ago .

    Stocks Slip as Focus Turns to Jackson Hole

    Fujitsu rose 0.6 percent on a Nikkei report that the company is looking to sell its mobile phone business amid stiff competition. The US dollar index fell to its lowest level in more than a week overnight, with the euro one of the main beneficiaries.