Samsung Heir Jailed Again

Samsung Heir Jailed Again
Samsung Heir Jailed Again

Shares of groups related to South Korean-conglomerate Samsung Group plunged on Monday after Samsung heir Jay Y Lee was sentenced to two and a half years in jail by a South Korean court on Monday.
By Monday’s market close in South Korea, shares of industry heavyweight Samsung Electronics fell 3.41% after dipping more than 4% earlier in the session, CNBC reported.
Samsung C&T’s stock also saw heavy losses and dropped 6.84%. Samsung SDI declined 4.21% while Samsung Heavy Industries fell 2.74% and Samsung Life Insurance slipped 4.96%.
Samsung-related shares dragged down South Korea’s broader index and the Kospi fell 2.33% by the close of the trading day.
Jay’s return to prison came after a retrial of a bribery case involving former president Park Geun-hye, according to local news agency Yonhap.
“In this case, a company’s freedom and right to wealth were violated due to the abuse of power by the former president,” Lee’s lead attorney said in a statement given by Samsung Electronics.

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