Found guilty in a corruption case, Samsung chief Lee has been sentenced to 5 years in prison.

Lee has been found guilty of bribing a close friend of President Park Geun for government favors.

The 48-year old was charged with bribery, embezzlement, hiding assets overseas and perjury.

He is also a suspect in an influence-peddling scandal which led to a decision that if upheld by the Constitutional Court would make her the country’s first democratically elected leader forced from office.

However, Samsung and Lee have denied wrongdoing in the case. “We will do our best to ensure that the truth is revealed in future court proceedings,” the Samsung Group said in a brief statement after Lee’s arrest. “We acknowledge the cause and necessity of the arrest,” a judge said in his ruling.

We will update the story as it develops.

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