À̹ÌÁö È®´ë Shares of Samsung Electronics Co. and other flagships under Korea¡¯s household corporate name have sagged Monday as investors await the final verdict on Samsung Electronics Vice Chairman Jay Y. Lee¡¯s bribery case connected to President Park Geun-hye whose guilty sentence was confirmed by the Supreme Court last week.
On Monday, shares of Samsung Electronics fell 3.41 percent to close at 85,000 won ($76.78). Samsung Life Insurance shares slipped 4.96 percent to 78,500 won.
The Seoul High Court is set to issue a final ruling and sentences around 2:00 p.m. on Monday on Lee who is charged of bribing former President Park Geun-hye and her long-time confidant Choi Soon-sil, both of whom are now behind bars, in return for their backing in solidifying Lee¡¯s grip on the nation¡¯s top conglomerate.
Prosecutors are seeking a nine-year prison sentence against him.
The de facto leader of Samsung Group was jailed in 2017 after receiving a five-year jail term, but released in the following year after an appeals court gave a suspended term of two and a half years.
The Supreme Court, however, overturned the appeals court¡¯s ruling in 2019 and ordered a retrial, saying some charges that the lower court had found not bribes should be considered as such.
À̹ÌÁö È®´ë Eyes are now on whether the efforts that Samsung has made since to strengthen its law-abiding management would help him avoid a prison term. The group launched an internal legal compliance monitoring committee in February 2020. Lee made a public apology in May, vowing not to pass down management of Samsung to his children. He expressed his deep regret about his alleged wrongdoings and pledged to create a ¡°new Samsung¡± in his final testimony in December.
Samsung Display Co. became the first Samsung affiliate last Thursday to sign a collective agreement after eight months since Lee declared the conglomerate would end its ¡®no labor union¡¯ policy.
Business leaders have petitioned for Lee citing the possible repercussion of the verdict on other companies working in partnership with Samsung affiliates and the country¡¯s overall economy. Park Yong-maan, chairman of the Korea Chamber of Commerce & Industry (KCCI) and Ahn Keon-joon, president of the Korea Venture Business Association, filed a petition for merciful ruling on Lee last Friday.
¡°We expect leniency from the court to allow Samsung Electronics Vice Chairman Lee to focus on supporting growth of SMEs and contributing future investment and job creation¡± in Korea, said Kim Gi-moon, chairman of the Korea Federation of SMEs Chairman Kim Ki-moon on Sunday.
By Noh Hyun, Lee Duk-joo and Choi Mira
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]