Why Samsung's Lee Must Do His Time
Samsung can survive without Lee.
Photographer: Chung Sung-Jun/BloombergHistory was made in a Seoul court on Friday when Jay Y. Lee, scion of the family that founded the giant Samsung conglomerate, was convicted on bribery and embezzlement charges and sentenced to five years in prison. In theory, the verdict should send a stark signal to the country’s politicians and business leaders that the corrupt shenanigans that have so plagued this otherwise outstanding economy must end. But that message will hit home only if one critical thing happens: Lee does his time, all of it.
Many conservative Koreans will argue that Lee is being made a scapegoat. After all, the Samsung executive found himself caught up in a scandal involving no less a figure than former President Park Geun-hye, who was impeached over her alleged role in the corruption scheme. The managers of South Korea's big business groups, called chaebol, can ill afford to stand on principle when presidential favor is at stake.
