Samsung boss Lee Jae-yong gets presidential pardon

The heir and de facto leader of Samsung group received a presidential pardon Friday, the latest example of South Korea’s long tradition of freeing business leaders convicted of corruption on economic grounds.

Billionaire Lee Jae-yong, who was convicted of bribery and embezzlement in January last year, will be “reinstated” to give him a chance to “contribute to overcoming the economic crisis” of the country, Justice Minister Han Dong-hoon said.

Lee — the 278th-richest person in the world, according to Forbes, with a net worth of $7.9 billion — was released on parole in August 2021, after serving 18 months in jail, just over half of his original sentence.