Samsung's Lee Jae-yong may rejoin board after receiving pardon

Samsung Electronics' Lee Jae-yong, professionally known as Jay Y Lee in the West, had his right to work at the company restored by South Korea, opening the way for him to formally take the helm of the country’s largest conglomerate that is battling global demand and supply shocks.

South Korean President Yoon Suk-yeol cleared the heir to the country’s biggest company of bribery charges, for which Mr Lee spent 18 months in prison before his release on parole a year ago.

Samsung’s shares rose 1.3 per cent in Seoul on the news.

The move comes as the global economy faces successive shocks from rising inflation, market disruption from the war in Ukraine and logistics challenges triggered by China’s “zero Covid” lockdowns, raising the threat of uncertainty for export-orientated South Korea.

Rising geopolitical tension between the US and China over chip technology also complicates long-term operation plans for Samsung, which runs big microchip manufacturing plants in the two largest economies.

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