South Korean President Yoon Suk-yeol pardoned de facto Samsung head Lee Jae-yong, who was released on parole last August after serving prison time for bribing one of Yoon’s predecessors. The justice ministry said Lee, also known as Jay Y. Lee, was needed to confront a “national economic crisis.” The decision ends a five-year ban on Lee’s participation in management of the South Korean conglomerate, and clears him to run the company. Samsung is a leader among a small group of family-owned conglomerates that have helped South Korea become an export powerhouse. One unit, Samsung Electronics, accounts for one-sixth of South Korea’s exports. Lee, also known as Jay Y. Lee, was one of nearly 1,700 people pardoned ahead of South Korea’s National Liberation Day holiday on Monday.
Read More: The daily business briefing: August 12, 2022