(Reuters) — The billionaire head of South Korea’s Samsung Group, Jay Y. Lee, was jailed for five years for bribery on Friday after a six-month trial over a scandal that brought down the president.
Lee had paid bribes in anticipation of favors from then president Park Geun-hye, according to a landmark ruling by a Seoul court, which also found him guilty of hiding assets abroad, embezzlement and perjury.
Lee, the 49-year-old heir to one of the world’s biggest corporate empires, has been held since February on charges that he bribed Park to help secure control of a conglomerate that owns Samsung Electronics, the world’s leading smartphone and chip maker, and has interests ranging from drugs and home appliances to insurance and hotels.
Lee denied wrongdoing.
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One of his lawyers, Song Wu-cheol, said Lee would appeal the lower court ruling.
“The entire verdict is unacceptable,” Song said, adding that he was confident his client’s innocence would be affirmed by a higher court.
Under South Korean law, sentences of more than three years can not be suspended. The five-year sentence is one of the longest prison terms given to a South Korean business leader.
