Lee Jae-yong, vice chairman of Samsung Electronics Co, arrives for his trial at Seoul Central District Court in Seoul on Friday. (AP photo)Lee Jae-yong, vice chairman of Samsung Electronics Co, was convicted of bribery and sentenced to five years in prison on Friday, a blow to the heir apparent of the world’s biggest maker of smartphones and memory chips. Lee is guilty of bribery, perjury and embezzlement, a three-judge panel of Seoul Central District Court ruled on Friday. Since his arrest in February, Samsung Electronics has bounced back from last year’s exploding Note 7 fiasco to release a new flagship and post record earnings with its shares also reaching an all-time high. Samsung Electronics is the crown jewel of South Korea’s biggest conglomerate, comprised of about 60 units selling life insurance to ships.

Source: Bangkok Post August 25, 2017 06:56 UTC