Samsung heir’s prison sentence casts a shadow on South Korea’s tech titan

Jake Kwon from cnn said that Seoul (CNN Business)The man who calls the shots at Samsung was just sent to prison for the second time in less than five years. Even if the South Korean tech giant can keep its day-to-day business humming in his absence, the verdict is still likely to cast a long shadow.

The Seoul High Court sentenced vice chairman Lee Jae-yong, also known as Jay Y. Lee, to 2 1/2 years behind bars on Monday after finding him guilty of embezzlement and bribery. Lee’s lawyer has called the decision “regrettable,” but it’s not yet clear whether he intends to appeal. The legal team representing Lee did not respond to a request for comment Wednesday.

Lee’s prison sentence means the company is losing a key decision-maker at a time of strategic upheaval in some of Samsung’s core industries. China and the United States are caught in a cold war over companies such as Huawei and SMIC, there’s a global shortage of semiconductors and carmakers and tech firms are getting together to shape the future of the auto industry.

READ FULL ARTICLE

cnn

Find the latest breaking news and information on the top stories, weather, business, entertainment, politics, and more. For in-depth coverage, CNN provides special reports, video, audio, photo galleries, and interactive guides.