Based on Law on Specific Economic Crimes
The Ministry of Justice has recently notified Samsung Electronics vice chairman Lee Jae-yong of employment restriction. He must apply for employment and be approved by the minister in order to keep running the company in jail.
According to the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, an employment restriction of five years can be applied to a person who committed embezzlement or misappropriation equivalent to 500 million won or more and the restriction can become effective at the end of the execution of prison sentence or on the first day of non-execution.
The vice chairman was sentenced to 30 months in prison on Jan. 18 for having embezzled 8.6 billion won from the company and given it to former President Park Geun-hye and Choi Soon-sil to inherit the company with ease. Those subject to his employment restriction include an organization wholly or partially invested by the central government or a local government, an affiliated organization and an enterprise closely related to his crimes.
Once the vice chairman makes the request, an advisory committee in the ministry will deliberate on the request and then the minister will examine the result of the deliberation. “We will initiate the deliberation procedure if he makes an application,” the ministry said.