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Samsung's de facto chief says he's 'sorry' amid bribery retrial

South Korean prosecutors are seeking a nine-year sentence for Samsung Electronics vice chairman Lee Jae-Yong, in connection to bribes involving Choi Soon-sil, an acquaintance of former President Park Geun-hye. File Photo by Yonhap/EPA-EFE
South Korean prosecutors are seeking a nine-year sentence for Samsung Electronics vice chairman Lee Jae-Yong, in connection to bribes involving Choi Soon-sil, an acquaintance of former President Park Geun-hye. File Photo by Yonhap/EPA-EFE

Dec. 30 (UPI) -- Samsung Electronics vice chairman Lee Jae-Yong apologized during a bribery retrial for "debts owed" to the South Korean people, as local prosecutors seek a nine-year prison sentence for the de facto chief of Samsung Group.

Lee, who faced charges of stock manipulation in September and buried his father Lee Kun-hee in October, said Wednesday he has "received the most benefits" of society, MoneyToday reported. Lee is the richest man in the country by stock value.

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Lee's bribery retrial comes after several court hearings that began in 2017, following the impeachment of former South Korean President Park Geun-hye.

Lee was sentenced to five years in prison that year for paying $27.4 million worth of bribes to receive under-the-table government assistance in securing control of Samsung Group from his father. In South Korea, family-controlled groups increasingly have come under fire for the practice of passing power to heirs.

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Lee received a reduced and suspended prison sentence in 2018, but in 2019, South Korea's Supreme Court overturned the ruling, citing other bribes Lee used to curry favor with Choi Soon-sil, a powerful acquaintance of Park who was jailed 20 years for corruption.

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Wednesday's retrial is revisiting allegations against Lee, who said he was "confused" after meeting with Park, according to Yonhap.

His father, Samsung chairman Lee Kun-hee, had collapsed at the time.

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"I would never have acted like that," Lee Jae-yong said Wednesday.

South Korean prosecutors said the powers of Samsung must be reined in.

"Samsung is a group with overwhelming power, to the extent that people say our nation's businesses are either Samsung or non-Samsung," prosecutors said.

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"For our society's wholesome development, Samsung's position is such that it should demonstrate a firm stance against corruption and set an example."

The Samsung heir ranks ahead of Chung Mong-koo, chairman of Hyundai Motor Group, in terms of stock value, local news network YTN reported Wednesday. Lee's shares in his company are worth $8.9 billion.

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