July 16th, 2008
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Reuters- Former Samsung Group chief Lee Kun-hee, one of South Korea’s most powerful businessmen, was handed a 3-year suspended jail sentence on Wednesday for tax evasion, but was cleared of other charges.
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The court also fined Lee 110 billion won ($109 million), more than double the amount of taxes he evaded, but cleared him of charges of breach of trust and illegal issuance of bonds aimed at transferring wealth to his children.
His jail sentence was suspended for five years.
Analysts and experts had expected Lee to escape prolonged jail time because judges have often been lenient to South Korean corporate leaders convicted of white collar crimes on the basis that putting them behind bars could hurt business.
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