Jay Y. Lee, the heir to South Korea’s richest family and biggest corporate empire Samsung Group, received a five-year jail sentence in the first corruption trial in relation to the scandal that removed former President Park Geun-hye, found guilty of all five charges including bribery for which the prosecution had demanded a 12-year prison term.

The same court in Seoul on Friday sentenced four years for Choi Gee-sung, former vice chairman and head of Samsung Group’s future strategy office, and Chang Choong-ki, former president and deputy head, and three years with five-year probation for Park Sang-jin, former president, and two years and six months with four-year probation for Hwang Sung-soo, former executive vice president.

“This case is about Samsung executives having handed over bribes to the president who had the ultimate say in economic policy as part of their endeavors to help Lee Jae-yong succeed the group from his father Lee Kun-hee,” the judge said in the ruling.

“The collusion of political and capital power has been at the heart of this case…What upset the people beyond repair is that the collusion between large conglomerates and the president was an ongoing affair and not something of the past,” the ruling read.

Lawyers from Samsung said they will appeal.

The top brass of the biggest conglomerate came under probe by an independent counsel in charge of investigating the wide range of corruptions from the way Park has shared power with secret confidante Choi Soon-sil. They were accused of giving donations to Choi’s sports and cultural funds and subsidizing horse-training for Choi’s daughter. In return, they were promised of government support in the merger of two Samsung Group entities that ended up cementing the younger Lee’s control over the conglomerate.

The court sided with the prosecution for accusing Lee and other Samsung executives of handing over a total of 43.3 billion won ($38.4 billion) in return for “implied” favoritism and exercise of state authority to assist the scion’s hereditary succession.

They were also found guilty of embezzlement as some funds that went to Choi’s funds and daughter came from the corporate coffers. Lee was also found guilty of perjury for lying in the parliamentary hearing, money laundering and illicit transfer.

The court however delivered a milder sentence of five years instead of the maximum 12 because the “accused have made the favors and bribes after they were pressed by the president (to make the donations).” It also believed Lee’s hereditary succession would not have served entirely for self-interests.

Shares of Samsung Electronics, where Lee is the vice chairman, finished down 1.05 percent at 2,351,000 won.

By Chae Jong-won and Cho Sung-ho

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]