Samsung leader found guilty of bribery and embezzlement

Lee was accused of wiring the equivalent of nearly $40 million from Samsung subsidiaries to two foundations set up by a confidante of impeached president of South Korea Park Geun-hye.

The 49-year-old was also found guilty of hiding assets overseas, embezzlement and perjury, as Reuters reported.

Lee, who has been detained since February, was accused of being involved in a massive corruption scandal that led to the ousting of former South Korean President Park Geun Hye.

Samsung has not denied transferring corporate funds, but Lee, vice chairman at Samsung Electronics and the Samsung founder's grandson, claimed innocence during the court hearing. He is expected to appeal.

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Leader, Lee Jae-Yong, was found guilty and convicted in the Seoul Central District Court of all five charges he was formally indicted with.

Prosecutors sought a 12-year sentence for Lee. Sources are saying that he was sentenced to the five years in prison this Friday. Two other former executives received suspended prison terms. Well, He was guilty of bribery and other offences in connection with the scandal that brought down South Korean president Park Geun-Hye.

The 49 year-old heir was accused of offering bribes to four entities controlled by Choi Soon-sil worth $38m, denied all charges.

Since the verdict was made Samsung's shares fell one per cent and Lee's leadership has been called into question.

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The conviction of Lee Jae-Yong, son of Samsung group chairman Lee Kun-Hee, could leave the giant firm, which is the world's largest smartphone producer, unable to take decisions regarding key investments.

Nevertheless, the verdict is one of the heaviest ever to be handed out to the head of a major chaebol in South Korea.

The so-called "trial of the century" has gripped South Korea for months. Remember, the elder Lee had been previously convicted of tax evasion and bribery, only to be later pardoned - twice. "It won't be easy for the public to regain trust in our institutions as these corrupt ties between the president and big conglomerates are still present, not something that happened in the past", said judge Kim Jin-dong, according to reports in Korea.

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