South Korea corruption scandal News

The party chief expressed the hope that the case may act as an opportunity for Samsung to become a socially responsible company.

Lee Jae-Yong`s penalty could leave the giant firm rudderless for years and hamper its ability to make key investment decisions.

Samsung heir Lee Jae-Yong was sentenced to five years in prison on Friday for bribery, perjury and other crimes.

The Seoul Central District Court convicted Lee, 49, the vice-chairman of Samsung Electronics, the world's largest smartphone maker, of offences related to the corruption scandal that brought down ousted president Park Geun-Hye. 

The heir to the huge Samsung business empire appeared in court Friday at the start of his trial for embezzlement and perjury, part of a corruption scandal that brought down South Korea`s president.

South Korean prosecutors sought an arrest warrant on Monday for ousted president Park Geun-Hye, they said, days after questioning her over the corruption and abuse of power scandal that brought her down.

Lee Jae-Yong, 48, was not present at Seoul Central District court for the hearing, and is being held in custody as his giant company -- the world`s biggest smartphone maker -- struggles to recover from a recall scandal.

Samsung heir indicted for bribery, embezzlement

Lee Jae-Yong, Samsung Electronics vice chairman and the son of the Samsung group chairman Lee Kun-Hee, has been quizzed multiple times over his role in the scandal that has rocked the nation.