Samsung Electronics Chairman Lee is named by South Korean police as a possible tax evader-again

A few days ago Jay Y. Lee, the Vice Chairman of Samsung Electronics, was released from prison after serving 353 days of a five year sentence for bribery and embezzlement. Now, he is a free man although he is on probation for four years. The Seoul High Court overturned the original court ruling and cut Lee’s sentence to two and a half years before granting him early release and probation. But while Lee is now out of prison, his father might be moving in.

Samsung Electronics Chairman Lee Kun-hee, Jay Y. Lee’s dad, has been hospitalized since suffering a heart attack back in 2014. Now, South …

Samsung leader Jay Y. Lee freed from prison following successful appeal

Jay Y. Lee, the Vice Chairman of Samsung Electronics, has been released from prison. Lee was serving a five-year sentence after being found guilty of bribery and embezzlement, but on February 5, the Seoul High Court overturned the initial judgment. Lee was detained for a total of 353 days, and although the court slashed his sentence in half to 2.5 years, he’s free to go on four years probation.
For those unfamiliar with the story, Lee, who serves as the de facto head of Samsung Group after his father suffered a heart attack, …

Samsung's heir Lee Jae-yong sentenced to 5 years in prison for bribery and corruption

Lee Jae-yong, vice chairman of Samsung and would-be heir of the tech empire, was earlier today found guilty of bribery and embezzlement, and was sentenced to 5 years in prison.

Lee was accused of wiring the equivalent of almost $40 million from Samsung subsidiaries to two foundations set up by a confidante of impeached president of South Korea Park Geun-hye.

Previous reports alleged that the money was paid out to win favor from the country’s state pension fund, which supported a merger between two Samsung affiliates in 2015. This was reportedly done in a …

Samsung's heir Jay Y. Lee indicted for bribery, perjury as trial commences

Today, Samsung’s heir Jay Y. Lee stood trial over charges of committing perjury, embezzling funds, and playing a key part in the colossal influence-peddling scandal involving former South Korean President Park Geun-hye.

Lee arrived handcuffed at the Seoul Central District Court alongside four other high-ranking Samsung executives. He was taken into custody back in February, and since then, a further arrest followed for the ex-President of South Korea.

For those unfamiliar with the story, Lee, who serves as the de facto head of Samsung Group after his father …

Samsung to tighten control over donations following arrest of vice chairman Lee

Following the recent arrest of Samsung Electronics’ vice chairman Jay Y. Lee, today the company has pledged to ramp up control for any future donations or financial support made to third-parties.

In order to achieve that, the South Korean tech giant will implement several strict measures. Any financial payments above 1 billion won ($882,460) will be reviewed by a committee of “independent directors” and then publicly disclosed. Previously, only payments or donations of 680 billion won (about $600,773,200) or more to third parties were subject to such board reviews.

This …

Formation 8 Founder Jim Kim and Longtime VC Paul Lee partner on a new fund called Builders

screen-shot-2016-12-08-at-8-24-54-pm Jim Kim, who most recently cofounded the venture firm Formation 8, is launching a brand-new venture firm called Builders that looks to be raising a $200 million fund, judging by a recent SEC filing. His cofounder is Paul Lee, who left the Chicago venture firm Lightbank in 2014 and last year launched a startup studio called Roniin that we wrote about last year. It isn’t a surprise… Read More

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