<p>The heir and de facto leader of Samsung group received a presidential pardon Friday, the latest example of South Korea's long tradition of freeing business leaders convicted of corruption on economic grounds.</p>.<p>Billionaire Lee Jae-yong, who was convicted of bribery and embezzlement in January last year, will be "reinstated" to give him a chance to "contribute to overcoming the economic crisis" of the country, Justice Minister Han Dong-hoon said.</p>.<p><strong>Also Read—<a href="http://www.deccanherald.com/business/business-news/oil-prices-on-track-for-weekly-gain-as-recession-fears-ease-1135360.html" target="_blank">Oil prices on track for weekly gain as recession fears ease</a></strong></p>.<p>Lee -- the 278th-richest person in the world, according to Forbes, with a net worth of $7.9 billion -- was released on parole in August 2021, after serving 18 months in jail, just over half of his original sentence.</p>.<p>Friday's pardon will allow him to fully return to work by lifting a post-prison employment restriction that had been set for five years.</p>.<p>"Due to the global economic crisis, the dynamism and vitality of the national economy have deteriorated, and the economic slump is feared to be prolonged," the Justice Ministry said in a statement.</p>.<p>The pardon was given so that Lee -- and other similarly pardoned high-level executives -- could "lead the country's continuous growth engine through active investment in technology and job creation," the ministry added.</p>.<p>Lee, 54, received his pardon along with three other businessmen on Friday, including Lotte Group Chairman Shin Dong-bin, who was sentenced to a suspended two-and-half-year prison term in a bribery case in 2018.</p>.<p>Lee is the vice-chairman of Samsung Electronics, the world's biggest smartphone maker. The conglomerate's overall turnover is equivalent to about one-fifth of South Korea's gross domestic product.</p>.<p>He was jailed for offences connected to a massive corruption scandal that brought down former president Park Geun-hye.</p>.<p>There is a long history of top South Korean tycoons being charged with bribery, embezzlement, tax evasion or other offences.</p>
<p>The heir and de facto leader of Samsung group received a presidential pardon Friday, the latest example of South Korea's long tradition of freeing business leaders convicted of corruption on economic grounds.</p>.<p>Billionaire Lee Jae-yong, who was convicted of bribery and embezzlement in January last year, will be "reinstated" to give him a chance to "contribute to overcoming the economic crisis" of the country, Justice Minister Han Dong-hoon said.</p>.<p><strong>Also Read—<a href="http://www.deccanherald.com/business/business-news/oil-prices-on-track-for-weekly-gain-as-recession-fears-ease-1135360.html" target="_blank">Oil prices on track for weekly gain as recession fears ease</a></strong></p>.<p>Lee -- the 278th-richest person in the world, according to Forbes, with a net worth of $7.9 billion -- was released on parole in August 2021, after serving 18 months in jail, just over half of his original sentence.</p>.<p>Friday's pardon will allow him to fully return to work by lifting a post-prison employment restriction that had been set for five years.</p>.<p>"Due to the global economic crisis, the dynamism and vitality of the national economy have deteriorated, and the economic slump is feared to be prolonged," the Justice Ministry said in a statement.</p>.<p>The pardon was given so that Lee -- and other similarly pardoned high-level executives -- could "lead the country's continuous growth engine through active investment in technology and job creation," the ministry added.</p>.<p>Lee, 54, received his pardon along with three other businessmen on Friday, including Lotte Group Chairman Shin Dong-bin, who was sentenced to a suspended two-and-half-year prison term in a bribery case in 2018.</p>.<p>Lee is the vice-chairman of Samsung Electronics, the world's biggest smartphone maker. The conglomerate's overall turnover is equivalent to about one-fifth of South Korea's gross domestic product.</p>.<p>He was jailed for offences connected to a massive corruption scandal that brought down former president Park Geun-hye.</p>.<p>There is a long history of top South Korean tycoons being charged with bribery, embezzlement, tax evasion or other offences.</p>