Posted on 08/10/2021 12:43:53 AM PDT by blueplum
It was a huge deal when South Korea decided to convict Samsung heir Lee Jae-yong—also known as Jay Y. Lee in the west—for bribery in one of the most bizarre scandals in the country’s history. It was also massive when, after getting off easy in 2018, Lee was sent back to prison in January. Well, buckle up folks, because Lee is set to be released from prison... and it’s believed the global chip shortage may have been a factor....
...The decision is a fraught one. Business leaders hope that Lee returning to his position will help Korea maintain its status as a top chip producer, as well as help mitigate the effects of the global pandemic on the country’s economy. If you’re wondering why a South Korean billionaire would single-handedly be capable of all that, Samsung is Korea’s No. 1 chaebol—a family-run conglomerate that’s effectively a corporate dynasty. Chaebols have historically held outsized influence in national politics and the economy. They account for 77% of the market value of Korean companies on the Asia300 Index and depending on the year, Samsung alone makes up to 20% of Korea’s GDP. And given that Lee is the “Crown Prince of Samsung,” well, it all starts to make sense.
Bloomberg reports that his release may help Samsung’s ambitions to build a chipmaking plant in the U.S., as well as another deal with...
(Excerpt) Read more at msn.com ...
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