Samsung leader Jay Y. Lee released from jail on parole

Samsung leader Jay Y. Lee released from jail on parole

Samsung Electronics Vice Chairman Jay Y. Lee, who was convicted of bribery and embezzlement, was released on parole on Friday, raising hopes at the tech behemoth that he will soon be allowed to work as major investment decisions await him.

Lee, 53, walked outside the Seoul Detention Center dressed in a dark grey suit and appeared to be in better shape than when he was last imprisoned in January.

"I've caused much concern for the people. I deeply apologise," Lee told reporters. "I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard."

Support for his release, both political and public, had grown amid concerns that key strategic decisions at the South Korean conglomerate were not being made.

Lee has served 18 months of a 30-month sentence after being convicted of bribing a friend of former President Park Geun-hye. He served one year of a five-year sentence, which was later suspended, beginning in August 2017. That court decision was later reversed, and while his sentence was reduced, he was returned to prison in January of this year.

He will still require permission from South Korea.'

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Although his absence has had no effect on the day-to-day operations of the world's largest memory chip maker and smartphone manufacturer, company sources say major investment and M&A decisions should only be made by Lee.

A decision on the location of a $17 billion U.S. plant to manufacture advanced logic chips, in particular, awaits his return at a time when there is a global chip shortage.

In a symbolic move, Samsung Electronics announced on Thursday that it had signed its first-ever agreements with four company labor unions, covering office provisions and assurances that union activities will be permitted.