Former Samsung CEO Lee Kun-hee was convicted of tax evasion charges on July 16. His three-year sentence was suspended and he will not be serving any prison time, according to The New York Times.
Lee was fined $109 million but was cleared of criminal charges for breach of trust, by the Seoul Central District Court. Two Samsung affiliates had sold stock to Lee’s son, Jae Yong, at unfairly low prices to ensure father-son succession.
Lee resigned after being indicted in April. Former chief counsel at Samsung, Kin Yong-chul, alleged that Lee and his aids transferred significant funds to ensure that the Lee family remained in control of management.
Prosecutors said they found $4.5 billion of Lee’s assets under other names and that he evaded $112 million in taxes. However they were unable to find evidence to bring bribery charges against Lee.