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AP National Business

Lee freed on parole, showing Samsung’s might in South Korea

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Published 9:11 PM

By KIM TONG-HYUNG
Associated Press

SEOUL, South Korea (AP) — Samsung leader Lee Jae-yong walked out of prison a year early in a parole decision demonstrating the conglomerate’s outsized influence in South Korea as well as continuing leniency for bosses who commit corporate corruption. Lee bowed in apology over the anger ignited by his crimes, which were related to the explosive corruption scandal that toppled South Korea’s previous president in 2017. He is the third-generation heir of a business empire that includes technology, construction, hospitals, an amusement park and baseball and soccer clubs. His corporate crown jewel, Samsung Electronics, represents about 20% of South Korea’s stock market value and one-fourth of its total exports. Business leaders and key government figures had endorsed Lee’s early release.

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