Technology

Samsung chief released – “It is in the national interest”

South Korean President Moon Jae-in has called for the release of Li Jae-yong, who was convicted of bribery and abuse.

The heir, vice president and de facto head of Samsung Electronics, Lee Jae Yong, who was convicted of corruption and abuse , was released today on bail , while the president of South Korea has asked citizens to show understanding for the controversial release .

Support for Li Jae-yong ‘s release has risen amid concerns that major strategic decisions will not be made without him at the company, which is the world’s largest maker of memory microprocessors and smartphones. The office of President Moon Jae-in announced that the decision to release Li was in the national interest.

However, civil society organizations have criticized his release as another sign of leniency towards the country’s business elite, which is undermining its judicial system.

Lee, 53, appeared outside the Seoul Detention Center wearing a dark gray suit and much thinner than when he was last detained in January. Condemned that bribed a friend of former President Park Geun-hye, served 18 months of the sentence of imprisonment 30 months that had been imposed.

“It simply came to our notice then. “I apologize from the bottom of my heart, ” Lee told reporters.“I hear concerns, criticisms and high expectations from me. I will work hard. “

After his release, he went straight to Samsung headquarters .

South Koreans have long had a troubled relationship with the founding families of the country’s business groups, a relationship ranging from anger over their many privileges and scandals to acknowledging that business groups are also responsible for much of the country’s economic success. . “We all know that there are views for and against the release of Vice President Jay G. Lee on restrictive terms. “People who disagree are also right .” “On the other hand, there were many who demanded his release in this serious crisis, hoping that he would help the country in terms of semiconductors and vaccines.”

Business leaders and some lawmakers have argued that Lee has enough influence abroad to help South Korea get more Covid-19 vaccines.

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Concerns have also grown that Samsung needs a firm hand at the helm to help it stay competitive in the microprocessors amid a global shortage and at a time when rivals such as TSNC and Intel Corp are investing heavily.

One of the major decisions Lee is expected to make is the final decision to set up a $ 17 billion plant in the United States that will produce advanced microprocessors.

Ethan Hansen

Ethan Hansen is executive vice president for finance and operations at Leilo Sports. Before joining PNC in 2021, he founded snewslog to help early-stage companies (Seed through Series B). Previously, Cohen worked in consulting (strategy and innovation), private equity (operationally focused investing) and investment banking (M&A).

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