[Courtesy of CJ Group]
The ailing head of South Korea's food and entertainment conglomerate, CJ Group, was among thousands of people who would be released from prison or see their criminal records erased under special presidential pardons announced on Friday.
President Park Geun-Hye granted special pardons to 4,876 people, including CJ Group Chairman Lee Jay-hyun and 13 other businessmen, ahead of the August 15 Liberation Day marking an end to Japan's colonial rule over the Korean peninsula at the end of World War II in 1945.
"I hope all of those who received pardons will actively join efforts to revive the economy and contribute to national development," Park said. Government officials said those who received special pardons included many convicted of minor economic crimes.
Lee, 56, was initially sentenced to four years in prison in 2014 on conviction of embezzlement, tax evasion and breach of trust. The sentence was later reduced to three years by the high court. After the Supreme Court ordered another review, Lee received a 30-month jail sentence in December last year.
The tycoon, however, did not go straight to prison as the court granted a stay of sentence pending hospital treatment. Lee, who has undergone a kidney transplant, claims to suffer from multiple illnesses, including a degenerative neurological disease.
Top officials of South Korea's family-run business conglomerates, or "chaebol", which dominate the national economy, have made regular court appearances on fraud charges over the years.
Some have received heavy jail terms, only for them to be pardoned or released on early parole in light of their "past contributions" and importance to future economic prosperity.
Lee, a grandson of Samsung Group's late founder Lee Byung-Chull, inherited CJ Group which was officially separated from Samsung in 1997. Now it operates the country's largest food and beverage company, CJ Cheiljedang.
This year, CJ has aggressively expanded its business portfolio through mergers and acquisitions. More recently, it has jumped into the race to acquire the local operation of US fast food chain McDonald's as well as Tongyang Magic specializing in manufacturing and renting out kitchen appliances.
Aju News Lim Chang-won = cwlim34@ajunews.com