Ex-Samsung boss convicted for fraud

Gets off lightly with $89.2m fine


The ex-chairman of Samsung Lee Kun-Hee has been found guilty of abuse of trust over a dodgy bond issue.

Lee was fined $89.2m and got a suspended prison sentence.

The bonds were issued at below market price and were designed to gift control of the massive conglomerate to his son Lee Jae-Yong, AFP reports.

His three year sentence is suspended for five years. The court said in mitigation that Lee had paid the money back to Samsung SDS - the group's IT services division.

A year ago, Lee was found guilty of tax evasion and fined $109m, along with a suspended jail sentence. At that time he was cleared of illegally transferring bonds to his son, but prosecutors pushed for a retrial. Korean courts are not keen on locking up big business bosses, who are seen as a vital and central part of Korean society.

Lee is an important figure in South Korea - he took over the chairmanship of Samsung in 1987 from his father Lee Byung-Chull, who founded the company and oversaw its early meteoric growth from a fruit and vegetable business to a vast conglomerate of electronic, manufacturing and chip making businesses. Kun-Hee pushed Samsung through the "Second Foundation" - a radical restructuring of the company, its culture and the markets it operated in.

Samsung remains one of the handful of the family-run chaebols, with the likes of LG, Daewoo, Hyundai, which all but created modern Korea in partnership with the government. Samsung still provides a large fraction of the country's total exports.

He ran the firm for 20 years, until his trial in 2007 for tax evasion. ®

Similar topics


Other stories you might like

  • It's the flu season – FluBot, that is: Surge of info-stealing Android malware detected

    And a bunch of bank-account-raiding trojans also identified

    FluBot, a family of Android malware, is circulating again via SMS messaging, according to authorities in Finland.

    The Nordic country's National Cyber Security Center (NCSC-FI) lately warned that scam messages written in Finnish are being sent in the hope that recipients will click the included link to a website that requests permission to install an application that's malicious.

    "The messages are written in Finnish," the NCSC-FI explained. "They are written without Scandinavian letters (å, ä and ö) and include, for example, the characters +, /, &, % and @ in illogical places in the text to make it more difficult for telecommunications operators to filter the messages. The theme of the text may be that the recipient has received a voicemail message or a message from their mobile operator."

    Continue reading
  • AsmREPL: Wing your way through x86-64 assembly language

    Assemblers unite

    Ruby developer and internet japester Aaron Patterson has published a REPL for 64-bit x86 assembly language, enabling interactive coding in the lowest-level language of all.

    REPL stands for "read-evaluate-print loop", and REPLs were first seen in Lisp development environments such as Lisp Machines. They allow incremental development: programmers can write code on the fly, entering expressions or blocks of code, having them evaluated – executed – immediately, and the results printed out. This was viable because of the way Lisp blurred the lines between interpreted and compiled languages; these days, they're a standard feature of most scripting languages.

    Patterson has previously offered ground-breaking developer productivity enhancements such as an analogue terminal bell and performance-enhancing firmware for the Stack Overflow keyboard. This only has Ctrl, C, and V keys for extra-easy copy-pasting, but Patterson's firmware removes the tedious need to hold control.

    Continue reading
  • Microsoft adds Buy Now, Pay Later financing option to Edge – and everyone hates it

    There's always Use Another Browser

    As the festive season approaches, Microsoft has decided to add "Buy Now, Pay Later" financing options to its Edge browser in the US.

    The feature turned up in recent weeks, first in beta and canary before it was made available "by default" to all users of Microsoft Edge version 96.

    The Buy Now Pay Later (BNPL) option pops up at the browser level (rather than on checkout at an ecommerce site) and permits users to split any purchase between $35 and $1,000 made via Edge into four instalments spread over six weeks.

    Continue reading

Biting the hand that feeds IT © 1998–2021