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Court rules a 5 year prison term for Samsung chief

The ruling of the South Korean court on charges of corruption and bribery against Lee Jae-yong, the de facto chief of the sprawling Samsung business empire has come as a blow for the company.

Lee, the billionaire son of Samsung’s ailing chairman, was sentenced to five years in prison on Friday, well short of the 12-year prison sentence prosecutors had sought.

The so-called “trial of the century” has gripped South Korea for months. It’s part of a huge influence-peddling scandal that brought down the government of former President Park Geun-Hye. Park is also on trial.

Wearing a navy suit and holding a manila envelope, Lee remained seated and silent as the judge read out the verdict.

He was found guilty of bribing Park in exchange for government support for a merger that helped him tighten control over Samsung. The 49-year-old executive, who is also known as Jay Y. Lee, has been the de facto leader of Samsung since his ailing father was left incapacitated by a 2014 heart attack.

The court also found Lee guilty of perjury, concealing criminal profits, embezzlement and hiding assets overseas.

During the trial, prosecutors presented Lee as a savvy tycoon who knew exactly what he was doing when Samsung paid tens of millions of dollars to entities linked to a confidante of Park. Lee denied any wrongdoing, and his lawyers are expected to appeal the verdict.

Samsung Electronics’ (SSNLF) shares closed down 1.1% in Seoul following the verdict.

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