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SEOUL: South Korea on Tuesday announced a special pardon for former Samsung group chairman Lee Kun-Hee so that he can work to bring the 2018 Winter Olympics to the country.
A cabinet meeting chaired by President Lee Myung-Bak approved the pardon for the 67-year-old Lee, who was convicted in August of breach of trust.
"This measure is aimed at creating a more favourable atmosphere for the bid to host the 2018 Winter Olympic Games by paving the way for Lee to recover his suspended IOC membership," the justice ministry said in a statement.
Lee voluntarily gave up his rights and duties as an International Olympic Committee (IOC) member in 2008 following a conviction for tax evasion.
Local sports officials have long seen his suspended IOC status as an impediment to the third Olympic bid by the mountain resort city of Pyeongchang.
"I've made up my mind (to pardon Lee) for the sake of the national interest," President Lee was quoted as telling the cabinet meeting, expressing hope he would work for the Winter Olympics and the nation's economic recovery.
A court in August sentenced Lee to a suspended three-year prison term and a fine of 110 billion won (now 94 million dollars) for breach of trust over a 1999 bond issue.
Samsung welcomed Tuesday's pardon, which came in response to a series of petitions from business and sports circles.
"Samsung is pleased that former chairman Lee Kun-Hee has been granted this pardon. We expect that Mr Lee will now devote himself fully to supporting Pyeongchang's bid to host the Winter Olympic Games in 2018," it said in a statement.
Lee decided not to appeal the August conviction over the issuance of Samsung SDS bonds with warrants. The exercise was aimed at transferring management control over the group to his only son Lee Jae-Yong.
The court found that the bonds were issued at below market price and that the group subsidiary lost 22.7 billion won as a result. It suspended Lee's jail term for five years.
South Korea has a long history of pardoning tycoons despite criticism that the government is too lenient on the rich.
In August last year, President Lee announced a sweeping special amnesty for business leaders, saying clemency was necessary to invigorate the economy.
Those pardons included Hyundai Motor chairman Chung Mong-Koo and SK Group chairman Chey Tae-Won.
Pyeongchang lost its previous Winter Games bids to Vancouver for 2010 and to Sochi in Russia for 2014.
- AFP/so
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