Seoul: A Seoul court ruled yesterday that former Samsung Chairman Lee Kun-hee was guilty of breach of trust and handed him a suspended prison sentence in another legal blow to the South Korean tycoon.
The Seoul High Court sentenced Lee to three years in prison and fined him $89.2 million (Dh327 million) but he won't go to jail if he stays out of trouble for five years. The case centred on charges that Lee caused damage to a Samsung Group company by issuing a type of bond at below market prices.
The 67-year-old Lee, wearing a dark, pinstriped suit, listened quietly to the verdict and then left the courtroom. Samsung had no comment on the ruling and said there had been no decision on whether Lee would appeal.
Lee, ranked as South Korea's richest person by Forbes magazine, led Samsung for 20 years following the death of his father, the conglomerate's founder. He has faced a series of legal troubles the past two years and was convicted in 2008 on tax evasion charges and given a suspended prison term.
But the Supreme Court in May upheld lower court rulings that cleared him of alleged illegal financial dealings aimed at passing control of the business empire to his son.
Lee is a South Korean corporate icon who has personified Samsung. He is widely credited with turning Samsung Electronics Co. into a respected global brand. But he resigned as chairman of the company, the conglomerate's flagship corporation, upon indictment for tax evasion and other charges in 2008.
The Seoul High Court was hearing the breach of trust case for a second time after the Supreme Court in May ordered it to reconsider an earlier verdict.
