Bowed Lee Jae-yong: "Sorry for Causing Great Concern to the People... I Will Work Hard" (Comprehensive)

Paroled on the 13th, released from Seoul Detention Center with a gaunt appearance
Expectations for investment and M&A around Samsung... Restrictions due to probation

Lee Jae-yong, Vice Chairman of Samsung Electronics, who was released on parole after 207 days of re-imprisonment, is seen greeting as he leaves Seoul Detention Center in Uiwang, Gyeonggi Province on the 13th. Photo by Kang Jin-hyung, Uiwang aymsdream@

[Asia Economy Reporters Heungsun Kim, Daehyun Kim] At 10:05 a.m. on August 13, Lee Jae-yong, Vice Chairman of Samsung Electronics, appeared as the main gate of Seoul Detention Center opened. As parolees approved by the Ministry of Justice came out one after another, Lee came out through the gate. Flashes from the press went off, and civic group officials present at the scene applauded and cheered toward Lee, saying "Thank you for your hard work." Meanwhile, some group officials opposing the parole shouted in protest.

Standing in front of the cameras with a tense expression, Lee said, "I have caused great concern to the people. I am truly sorry," and then bowed his head. He added, "I am listening well to the worries, criticisms, concerns, and high expectations about me," and said, "I will work hard." Wearing a dark gray suit without a tie, Lee wore a white mask and faced forward in front of the press. He looked somewhat gaunt and tired, with noticeable gray hair showing the seven months he spent. After a brief statement, Lee got into a prepared car and left the detention center.

Lee was released from Seoul Detention Center that morning after the Ministry of Justice decided on parole on the 9th. It was 207 days since he was re-arrested after being sentenced to 2 years and 6 months in prison at the retrial of the state affairs manipulation case held at the Seoul High Court on January 18. Reflecting the public interest in Lee’s parole, hundreds of people including the press, civic groups, YouTubers, and police forces gathered in a chaotic scene in front of the detention center from early morning.

Lee Jae-yong, Vice Chairman of Samsung Electronics, who was released on parole after 207 days of re-imprisonment, is leaving Seoul Detention Center in Uiwang, Gyeonggi Province on the 13th. Photo by Kang Jin-hyung, Uiwang aymsdream@

Lee is expected to rest during the Liberation Day holiday and then organize his future plans. Amid the global hegemony competition over semiconductors and the prolonged economic crisis due to COVID-19, expectations are growing that Lee will return to the front lines of management, handle major investments and other pressing issues, and reignite Samsung’s growth engine. It is also anticipated that efforts will be made to fulfill social responsibilities such as securing COVID-19 vaccines. A Samsung Electronics official said, "There is nothing to confirm yet regarding Lee’s management activities or schedule," and refrained from further comment.

Although Lee was paroled on this day, according to related laws, he will be under probation until July next year, the remaining term of his sentence, which will impose certain restrictions. He must report to a probation officer if he changes residence or travels domestically or abroad for more than one month. Additionally, employment restrictions under the Act on the Aggravated Punishment of Specific Economic Crimes apply. According to this law, if the Ministry of Justice approves employment, restrictions do not apply. While the business community demands lifting Lee’s employment restrictions considering the economic situation, Minister of Justice Park Beom-gye has stated that "there has been no consideration" of this matter.