A bribery and cronyism scandal that has already toppled a South Korean president has claimed a major business scalp after a court sentenced Lee Jae-yong, the acting chairman of Samsung, to five years in prison for crimes including offering bribes and perjury.

The billionaire, South Korea’s third-richest man and heir to the sprawling Samsung empire, had been accused of making large donations to foundations run by a close friend and confidante of the deposed South Korean president, Park Geun-hye, in return for political favours.

The court said Lee provided bribes anticipating support from Park, who was still president at the time, according to South Korea’s Yonhap news agency.

Lee’s lawyers said they would appeal. “As a lawyer I cannot possibly agree with the juridical decisions and acknowledged facts involved in the verdict,” the Samsung attorney Song Woo-cheo said outside the court.

“We will appeal against the decision and I am sure that in the appellate trial all the charges will be dismissed.”

As carried in TG on 26/8/2017