Former Samsung boss sentenced for tax evasion

July 16th, 2008 - 1:47 pm ICT by IANS  

Seoul, July 16 (DPA) The former chairman of the South Korean Samsung group, Lee Kun Hee was sentenced Wednesday to a suspended three-year prison term for tax evasion. A district court here acquitted Lee, once the most powerful tycoon in South Korea, of charges of breach of trust, the official Yonhap news agency said.

Lee, 66, was accused of being responsible for share transactions in the mid-1990s that illegally transferred powers in the company to his son Lee Jae Yong.

Prosecutors at the Seoul’s central district court had sought a seven-year prison term and a fine of 350 billion won (about $350 million).

Lee resigned from his position in the Samsung conglomerate in April.

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