🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Samsung leader Jay Y. Lee attends trial amid calls for pardon

Published 04/21/2021, 11:22 PM
Updated 04/21/2021, 11:25 PM
© Reuters. Samsung Group heir Jay Y. Lee arrives at a court in Seoul
005930
-
SSNLF
-

By Joyce Lee

SEOUL (Reuters) - Samsung Electronics (OTC:SSNLF) Co Ltd Vice Chairman Jay Y. Lee on Thursday made his first public appearance since being jailed in January, as he attended court to face charges of fraud and stock manipulation amid calls for his release.

The 52-year-old head of the world's biggest memory chip maker wore a dark suit and white shirt as he entered the courtroom for the hearing, media reported.

The heir to one of South Korea's most powerful family-run business empires is accused of fraud and stock manipulation and could face a fresh jail term if convicted.

Pressure is mounting on the government to pardon Lee for a previous conviction of bribery and other offences, for which he has served half of a 30-month sentence.

Business lobby groups and some lawmakers say he should be freed to help South Korea secure supplies of coronavirus vaccines.

"Utilising Vice Chairman Lee's global network will help in securing the COVID-19 vaccine," Kwon Tae-shin, vice chairman of the Federation of Korean Industries, told Reuters.

A conservative opposition member of parliament, Park Jin, told Reuters South Korean investment in semiconductor production in the United States also could be leveraged to secure U.S. vaccines.

Samsung (KS:005930) is considering building a $17 billion chip factory in the United States, while Seoul has noted its potential role in helping U.S. President Joe Biden preserve the global chip supply chain.

The United States has said its first priority is vaccinating Americans, although it has promised to look into options to help other countries bolster their supplies.

South Korean President Moon Jae-in is due to visit Washington for a summit with Biden next month.

© Reuters. Samsung Group heir Jay Y. Lee arrives at a court in Seoul

South Korea has reported 116,661 coronavirus cases and 1,808 deaths from COVID-19, but just 3% of the population has been vaccinated due to problems with vaccine supplies.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.