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Samsung heir convicted in bribery scandal

The Seoul Central District Court on Friday awarded five years imprisonment to Samsung successor Lee Jae-Yong for bribery, perjury and other crimes, global media reported. However, the court found that he had offered $38 million to four foundations operated by Choi Soon-sil, a friend of the president, which curried him enough favour to illegally access classified government documents.

Lee was found guilty of bribing Park, perjury, concealing criminal profits, embezzlement, and hiding assets overseas. Lee's lawyers have said they will appeal against the court's decision. Lee, in return, was expecting political favours including the merger of two Samsung affiliated businesses that would have reportedly increased his strength within the company in 2015.

Samsung said Lee has been providing long-term strategic vision and helped to build an alliance with key partners, such as Apple and Google. Lee guilty on all charges.

The scandal has led to huge public protests and growing anger against many of South Korea's largest companies, the BBC reported. Park was impeached back in May for her involvement.

Four other former Samsung executives have also been found guilty, including Lee's mentor, Choi Gee-sung, who received four years in prison for corruption, according to Al Jazeera.

A court ruled Friday that the billionaire heir to the Samsung empire provided bribes in an effort to gain the support of then-president Park Geun-hye.

Since his father, Lee Kun-hee died in 2014 from a heart attack, Lee Jae-yong has been standing in as chairman of Samsung.

In the past, several corruption cases against owners of these chaebols have been suspended or these tycoons were sentenced to only light prison terms, citing their contribution to the South Korean economy. Lee, the South Korea's third richest man, has apparently been convicted in a case of bribery and cronyism that has previously toppled the country's president, Park Geun-hye.

Other top Samsung execs were also jailed ... Nearly 60 companies affiliated with Samsung account for a third of South Korea's stock market capitalization.

In response to the verdict, Samsung's shares fell by 1%.

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