[Jjuly,16] Ex-Samsung chairman convicted of tax evasion

[Aurion]

A South Korean court on Wednesday found former Samsung Group Chairman Lee Kun-hee guilty of tax evasion and sentenced the former executive to a three-year jail sentence, according to an Associated Press report.

But Lee will not be going to jail at this point, since his prison sentence was suspended for five years. Prosecutors had been seeking a seven-year prison sentence.

Lee, however, will have to pay a fine of 110 billion won, or $109 million, as restitution for the tax evasion conviction. Prosecutors had been seeking substantially more--a fine of 350 billion won, or $347 million. Lee is the richest man in Korea, according to the report.

Despite the tax evasion conviction, Lee was cleared of the more serious charges of breach of trust, in which he was alleged to have overseen an illegal issuance of bonds that aimed to transfer control of the conglomerate to his son, Lee Jae-yong, according to the report.

Source :

Ex-Samsung chairman convicted of tax evasion | News - Business Tech - CNET News.com

[zatoicchi]

wow, talk about tax evasion, i guess the more money you have the more greedier you get..that's a whole lot of dough he owes the government but for him it's chump change

[anon]

i guess the more money you have the more greedier you get..

yea some people have so DAMN much money and still keep on looking for more they never actually start spending it

[zatoicchi]

yea maybe instead of tax evasion he should donate the money to me and write it off

[Aurion]

money money money !! I barely remember my own name coz I got my ears filled with that expression (ooh sorry,phrase or word ) every day !! they know how to gain money in every possible way u can think of

[zatoicchi]

money is what the world go round at least to some people

[anon]

and those people are a majority, so that's how we're forced to think, we like it or not

[Aurion]

yeah sure,its a damn curse man !! u waste ur time cashing in