3 Years Suspended For Samsung

Filed in archive Hedgetalk on July 16, 2008

In a Reuters story, 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.

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, Reuters said.