S.Korea’s President Yoon pardons Samsung heir Jay Y. Lee to counter ‘economic crisis’

South Korea’s President Yoon Suk-yeol pardoned Samsung Electronics Vice Chairman Jay Y. Lee, with the nation’s justice ministry saying the business mogul was needed to help overcome a “national economic crisis.”

The pardon is mainly symbolic, with Lee already out on parole after serving 18 months in jail for bribery in a scandal that culminated in massive protests and brought down then-President Park Geun-Hye in 2017.

However, analysts said the pardon should mean Lee can carry out business activities with fewer legal restrictions and could herald some significant investments from Samsung, the world’s biggest memory chip and smartphone maker.

Han Dong Hoon, South Korea’s Justice Minister, said with the urgent need to overcome a national economic crisis, they had carefully selected financial leaders who could lead the national growth engine through active technology and job creation to be pardoned.

Asia’s fourth-largest economy, tech-and export-dependent South Korea, is grappling with weakening demand, soaring inflation, poor sentiment, and slowing spending.

An heir of Samsung’s founding family, Lee welcomed the decision and vowed to work hard for the national economy with job creation and continuous investment.

Also, Lotte Group chairman Shin Dong-bin was pardoned by pro-business President Yoon. Dong-bin was sentenced to a two-and-a-half-year prison sentence on charges of bribery, also related to Park.