Ex-Samsung boss fined $109 million for tax evasion, gets out of jail term

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The ex-chairman and the son of the founder of South Korean-based company Samsung, Lee Kun-hee has been found guilty of tax evasion by the Seoul Central District Court; however, he will not serve three years at prison after the court handed down a suspended sentence.

He was charged for not paying about 47 billion won (or US$46 million) in taxes, and fined him 110 billion won (US$109 million). Prosecutors wanted him to serve seven years in jail and pay a 350 million won (US$347 million) fine.

However, the judge refused to give him the sentence, saying that the crime was not enough to serve prison time that the prosecutors wanted, and gave him three years of prison time and five years on a suspended sentence.

”The extent of his crime is not serious enough to sentence him to prison,” the presiding judge, Judge Min Byung-hun, said.

This is his second conviction. In 1996, he was found guilty of making payments to the former president Roh Tae-woo, who served as the South Korean President from 1988 to 1993. He was not the only chief that was convicted, many South-Korean family-run conglomerates, also known as chaebols, were also found guilty.

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