Merging company

Samsung executive excused from fraud trial, set to welcome Biden to factory in Seoul

‘Samsung Crown Prince’ executive Jay Y. Lee is excused from fraud trial hearing so he can host Biden’s Seoul semiconductor plant

  • Samsung VP Jay Y. Lee was paroled in 2021 after a bribery conviction
  • He was convicted of bribery and embezzlement and sentenced to 30 months in prison but released early
  • Known as the “Crown Prince of Samsung” for running the company started by his grandfather
  • He admitted in court to the illegal use of a controlled substance
  • Samsung opens chip factory in Texas
  • Biden tries to boost American manufacturing to help solve supply chain blockages
  • He is charged separately with stock price manipulation and accounting fraud related to the $8 billion merger of two Samsung companies in 2015.
  • Biden is also expected to meet the CEO of Hyundai on his trip
  • Company announces $7 billion investment in Georgia
  • Georgia Governor Brian Kemp, who faces a primary, is expected to announce the move on Friday

The powerful Samsung executive has been allowed to miss a day of his fraud trial so he can accompany President Joe Biden on his tour of a model for a US factory that could help ease the supply chain’s shortage. supply of semiconductor chips.

Samsung Electronics Vice Chairman Jay Y. Lee was excused from attending an accounting fraud trial hearing on Friday, a court spokesman said, because he is expected to host the US president’s visit to a factory semiconductors in South Korea.

Biden and South Korean President Yoon Suk Yeol will visit the society’s Pyeongtaek campus on Friday. This is a model for the new Samsung factory under construction in Taylor, Texas.

The company announced last year that it would build a $17 billion plant near Austin. It would manufacture advanced logic semiconductors.

“The shutdown will demonstrate how our alliances benefit America’s middle class by investing in manufacturing in the United States, creating well-paying jobs and strengthening our supply chains,” according to the White House.

Samsung Electronics Vice Chairman Jay Y. Lee has been accused of attending his fraud trial as he prepares to greet President Joe Biden during his visit to a semiconductor factory

Biden also repeatedly touted the chip factories Intel said he would build in Ohio.

Although the defendant’s presence is generally required to ensure his right to defend himself in Korea, the Seoul Central District Court granted Lee’s request not to be present because the witnesses’ testimonies may be recorded and the accused notified, the spokesman said.

Lee is expected to accompany Biden on his tour of the world’s largest semiconductor factory located in the city of Pyeongtaek about 50 km (30 miles) from Seoul, South Korean media reported.

He is the grandfather of the company’s father and his father’s successor, and is sometimes referred to as the “Crown Prince of Samsung” in Korean media.

It will be Biden’s first stop on the South Korean leg of his first trip to Asia as US president.

He also plans to deliver a speech there, where, according to the White House, he will push for the rapid passage of the bipartisan Innovation Act, “which will bring historic federal investments in research and development, chains domestic sourcing and manufacturing in the United States”. He also plans to repeat his speech that tackling inflation is his top priority.

President Joe Biden speaks as Finnish President Sauli Niinisto (L) and Swedish Prime Minister Magdalena Andersson (R) listen during a press conference in the Rose Garden of the White House on May 19, 2022 in Washington, DC .  He plans to meet with leaders during his trip to the Republic of Korea

President Joe Biden speaks as Finnish President Sauli Niinisto (L) and Swedish Prime Minister Magdalena Andersson (R) listen during a press conference in the Rose Garden of the White House on May 19, 2022 in Washington, DC . He plans to meet with leaders during his trip to the Republic of Korea

Biden to visit Samsung Electronics Co.'s semiconductor manufacturing plant in Pyeongtaek

Biden to visit Samsung Electronics Co.’s semiconductor manufacturing plant in Pyeongtaek

The logo of Samsung Electronics is pictured at the company's factory in Tijuana, Mexico June 1, 2019. It plans to invest billions in a factory in Texas.

The logo of Samsung Electronics is pictured at the company’s factory in Tijuana, Mexico June 1, 2019. It plans to invest billions in a factory in Texas.

President Yoon Suk-yeol to join Biden on Samsung factory tour

President Yoon Suk-yeol to join Biden on Samsung factory tour

He was convicted of bribery and embezzlement and sentenced to 30 months in prison but released early

He was convicted of bribery and embezzlement and sentenced to 30 months in prison but released early

The White House would not immediately confirm to DailyMail.com that the Samsung executive would be there.

Biden makes time to meet industry titans on his trip. He is due to meet with the CEO of Hyundai on Sunday and thank him for a planned investment in Georgia, National Security Advisor Jake Sullivan said Thursday.

Georgia Governor Brian Kemp — who faces a Republican primary election against Trump-backed former Sen. David Perdue — will announce on Friday that Hyundai is investing more than $7 billion there. The announcement coincides with Biden’s trip.

Hosting Biden would be Lee’s most high-profile public appearance since the Samsung executive was paroled in August last year after a corruption conviction.

Lee’s absence from court is a rare occurrence. For more than a year, he attended all hearings in a separate lawsuit related to the $8 billion merger of two Samsung companies in 2015, court records show.

In 2020, prosecutors charged Lee with stock price manipulation and merger-related accounting fraud. Lee denied the charges.

Since Lee was paroled, Samsung has taken major steps such as choosing Taylor, Texas as the US site for its new $17 billion chip factory, merging its mobile electronics divisions and general public and the appointment of new co-CEOs in its biggest shake-up since 2017.

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