Samsung's chairman and heir, Lee Yae-yong (also known as Jay Y. Lee) had been sentenced to five years in jail a couple of days ago, and his lawyers have just submitted an official appeal against that ruling. Samsung's heir has been sentenced to five years in prison due to bribery and some other crimes, and his lawyers have submitted an official appeal to the Seoul Central District Court. The details of that appeal did not surface, though, so we don't know exactly what's it all about, but Lee Yae-yong's lawyers probably want to lower that prison sentence, or perhaps they're aiming for complete freedom here, we'll probably find out soon.
Now, under South Korean law, Mr. Lee Yae-yong can be kept in prison to a maximum of four months while the court considers its appeal, which means that they should have a decision by January next year. Such ruling actually affected Samsung's stocks as well, as their price decreased slightly, and it remains to be seen what will happen next, as Lee Yae-yong is, needless to say, one of the most important figures in the company, as he's the man in charge of Samsung. Having said that, Lee Yae-yong was looking at a 12-year sentence when this trial started back in February, but the court decided to sentence him to 'only' 5 years. As a reminder, Lee Yae-yong has, allegedly, been sending generous donations to a foundation that had been operated by a close friend of the now-former President of South Korea, Park Geun-hye. In return, Lee Yae-yong managed to secure some political favors, at least that's what the court claims to be true.
Lee Yae-yong's lawyers tried to prove that their employer had nothing to do with such donations, as he's not exactly included in the day-to-day operations of Samsung, but he did approve of those donations, it seems, which is why he ended up in trial. Lee Yae-yong's father, Lee Kun-hee, was convicted of tax evasion back in 2009, though his sentence got suspended. Lee Kun-hee is no longer a part of Samsung, as his son, Lee Yae-yong, took over control of Samsung back in 2014 when his father suffered a heart attack. South Korean court will have more info to share in the coming months, and it will be interesting to see whether they'll consider Lee Yae-yong's appeal, or will Samsung's chairman serve five years in South Korean prison.