SEOUL, Feb. 5 (Korea Bizwire) — South Korea’s two major business lobbies breathed a collective sigh of relief Monday as Samsung Electronics Vice Chairman Lee Jae-yong walked out of prison after serving nearly a year over a bribery scandal that led to the ouster of former President Park Geun-hye.
The Seoul High Court had sentenced the heir of South Korea’s biggest conglomerate to 30 months in prison. Still, the appeals court suspended the sentence for four years, meaning that Lee will not have to serve prison time if he stays out of trouble during that period.
The Federation of Korean Industries, South Korea’s biggest business lobby that speaks for large companies, said the court’s ruling would have a positive impact on society.
“The ruling could help Samsung recover its confidence,” said Bae Sang-kun, a senior official at the federation.
He also expressed hope that Samsung will make more efforts to expand investments and create jobs.
The Korea Employers Federation, another business group that represents the interests of local companies, also asked Samsung to contribute to South Korea’s economic development through investments and job creation.
Samsung Group said it had no immediate comment.