Lee Jae-yong Vice Chairman of Samsung Electronics

Jay Y. Lee, the heir to Samsung Group, denied allegations of bribing the former president of South Korea on Wednesday. The denial comes as the trial of five-year jail term for corruption charges approaches toward the end. ‘

The 49-year old scion of one of the biggest tech company of the world had been into the custody since February. He was convicted in August for bribing the former president of South Korea Park Geun-hye.

The court said it helped Lee consolidate his control over Samsung Electronics, which is one of the biggest technology firm in the world. Lee denied all the charges along with allegations that he visited Park four times and conducted one-on-one meetings.

The Seoul High Court would give its verdict on the appeal by the end of January 2018. The losing side would take the case further to the Supreme Court, which is the final court for appeal in South Korea.

The lower court, which convicted Lee in August, had outlined that Lee never asked for help from Park directly. It outlined the fact that a 2015 merger of two Samsung affiliates enabled Lee to gain strong control over Samsung Electronics. This “implied” that he sought the president’s help to consolidate his control of the firm.

His lawyers countered this logic as appeal hearings started in October.

Samsung had appointed a new generation of top managers for its three crucial businesses in October as investor worries of a leadership vacuum rose due to detention of Lee.

LEAVE A REPLY

Please enter your comment!
Please enter your name here