South Korea's President Yoon Suk-yeol has pardoned Samsung Electronics Vice Chairman Jay Y Lee, with the justice ministry saying the business leader was needed to help overcome a"national economic crisis".
His pardon could also herald some large investments from Samsung, the world's biggest smartphone and memory-chip maker. Lee, an heir of Samsung's founding family, welcomed the decision and vowed to work hard for the national economy"with continuous investment and job creation." "That support is apparently due to the current economic situation, but people also seem to have thought in part that Lee was somewhat in a position where he could not shrug off pressure from the former administration," said Eom Kyeong-young, a political commentator based in Seoul.
"This removes the employment restriction Lee was technically under," said Park Ju-gun, head of research firm Leaders Index. He has also visited Europe in June to meet ASML CEO Peter Wennink, discussing the adoption of key high-end chip equipment.Top Samsung executives have hinted earlier this year at potential upcoming acquisition activity.
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