Samsung's Lee Jae-Yong denies wrongdoing

  • Samsung's Lee Jae-Yong denies wrongdoing

Samsung's Lee Jae-Yong denies wrongdoing

The princeling of South Korea's richest family was charged with paying, or promising to pay, about 43.3 billion won (38.4 million USA dollars) in bribes to ousted President Park Geun-hye and her longtime confidante Choi Soon-sil, who was at the center of the influence-peddling scandal. Besides bribery and embezzlement, Lee is also charged with diverting assets overseas, concealing the gains from a criminal act and committing perjury.

"I have never expected or asked for favors for my private interest", a tearful Lee said, in his final remark during the hearing. The court will deliver its ruling on Lee on August 25.

If the court finds him guilty and sentenced him to a 12-year jail term, it would be the longest jail term for a South Korean conglomerate executive on record.

The four-month trial in Seoul of Lee, 49, also known as Jay Y. Lee, ended Monday.

"I once again deeply regret and apologize for causing a huge disappointment", he told the court in his final statement.

They sought terms ranging from seven years to ten years for the other accused.

Lee's lawyers argued that his so-called overarching intention of cementing ownership control was "a fictional construct" made up by prosecutors, with moves such as the merger of two Samsung affiliates in 2015 aimed merely at ensuring survival and growth of individual companies.

Park was impeached from her South Korean presidency and went on trial in May.

However, prosecutors indicated that collusive ties were fostered between South Korea's government and Samsung and that top executives from the technology firm lied under oath in an attempt to shield Jae-yong from conviction.

Samsung heir Lee Jae-Yong is escorted by prison guards as he arrives at the Seoul Central District Court in Seoul.