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Samsung Electronics vice-chairman Lee Jae Yong has been ordered by the court to refrain from working at his company. The executive has been jailed after he was found guilty of corruption and bribery last month.
Employment ban on Samsung’s chief
As per The Korea Herald, since Lee Jae Yong has already been sentenced, employment restrictions have been imposed on him. Based on the report, South Korea’s Ministry of Justice sent a letter to notify Samsung that the vice-chairman is banned from working in the company.
He would need approval from government officials for his reemployment in the future. There is a proper procedure for this, and Lee Jae Yong must send a request if he would like to return to Samsung. In any case, he already lost his position at the company’s board in 2019 after serving time in jail for bribing former president Park Geun Hye who is also in jail today.
In South Korea, people who are convicted of embezzlement are punished under the Act on the Aggravated Punishment of Specific Economic Crimes. If they have embezzled more than KRW500 million or $451,232, the offender is prohibited from working at organizations or groups connected with the case.
In Lee Jae Yong’s case, as he was convicted of bribery where KRW8.68 billion is involved, then it is clear that based on the rules, he cannot work in Samsung again. But then again, some exceptions may be applied if there is an order from the sitting president.
“The notice is an initial statement that is sent to all financial criminals who embezzled more than 500 million won,” Korea Joongang Daily quoted an insider as saying about the Samsung chief’s situation. “But based on the previous cases, the restriction is most often applied to the people trying to land a new title after release or a board member position.”
Lee’s imprisonment record possible return to Samsung
Lee Jae Yong was Samsung's chief when he was slapped with a year jail term on Jan. 18. He received a 2 and a half year imprisonment sentence. This was his second time to be imprisoned due to his involvement in anomalous transactions linked to former president Park.
The jailed Samsung heir decided not to appeal since he already served some time plus, he is also eligible for parole as soon as September of this year. This means that he may not even finish all of the 2 ½ years that were given to him since he may be able to come out of jail earlier anyway.
