Enlarge / Samsung heir Lee Jae-yong, right, is escorted by a prison officer as he leaves the Seoul Central District Court in Seoul, South Korea, on Friday. Lee was convicted of bribery and sentenced to five years in prison, a blow to the heir apparent of the world’s biggest maker of smartphones and memory chips. (credit: Bloomberg via Getty Images)
Lee Jae-yong, the head of the Samsung Group empire, was convicted in a South Korean court Friday on corruption allegations. He was sentenced to five years in prison in connection to a bribery scandal that took down the nation’s president, Park Geun-hye.

Among other things, Lee was found to have paid Park bribes in exchange for favors.
The 49-year-old Lee, who is the heir to one of the world’s largest companies, was also found guilty of perjury, embezzlement and of hiding assets outside South Korea following a six-month trial.

The development comes two days after Samsung unveiled its latest flagship mobile phone, the Note8.
The court concluded that the billionaire Lee and four other Samsung executives paid $6.4 million in bribes to win governmental approval for the $8 billion merger of two Samsung affiliates in 2015—a complicated deal that included Samsung Electronics, the globe’s biggest mobile phone and chipmaker.
Samsung’s empire is responsible for about 20 percent of South Korea’s gross domestic product.
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