South Korean prosecutors requested a nine-year prison term for Samsung Electronics Co.’s Jay Y. Lee , seeking to put the heir apparent back in jail in a bribery case that rocked the nation and ignited a backlash against its most powerful conglomerates. Judges at the high court asked Samsung and Lee to impose measures to prevent illegal activity and improve credibility among the group. The bribery allegations stem from a controversial merger in 2015 between two Samsung units, which helped Lee gain control over the group. Samsung is likely to hold off on naming Lee to that role at least until the trial is completed. Separately, Lee is embroiled in another case related to the controversial 2015 merger, with allegations ranging from violation of capital market laws to breach of duty.

Source: Mint December 30, 2020 11:03 UTC