The de facto leader of Samsung, Lee Jae-yong, was pardoned by South Korea's president on Friday for crimes including bribery, allowing him greater freedom to run the smartphone and semiconductor giant.
The billionaire was twice sent to prison but had been out on parole since last year, but the special pardon ends a five-year ban on Lee holding a formal position at Samsung. The company's shares were up 1% in Seoul on the news."I will work harder and fulfill my duties as an entrepreneur," Lee said after his pardon was granted.
Along with Lee, Lotte Group's Chairman Shin Dong-bin and two other business leaders were included in the group pardoned or reinstated by President Yoon Suk Yeol.South Korea's Justice Minister Han Dong-hoon on Friday said,"To overcome the economic crisis by revitalizing the economy, Samsung's Vice Chairman Lee Jae-yong, who's term has recently ended, will be reinstated.
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