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Ex-Samsung chairman's verdict upheld

  • Story Highlights
  • Ruling means Lee must pay his fine of 110 billion won ($109 million)
  • He resigned as chairman in April
  • Samsung is South Korea's largest conglomerate, accounts for a fifth of all exports
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SEOUL, South Korea (CNN) -- A South Korean appeals court upheld the guilty verdict against the former chairman of the Samsung Group, who was sentenced during the summer on a tax evasion conviction, South Korea's Yonhap news agency reported.

Former Samsung group chairman Lee Kun-Hee arrives at the high court in Seoul on Friday.

Former Samsung group chairman Lee Kun-Hee arrives at the high court in Seoul on Friday.

In July, Lee Kun-Hee was sentenced to three years in prison, but that sentence was suspended, meaning he will not spend time behind bars. He also was ordered to pay 110 billion won ($109 million).

The ruling means Lee must pay his fine.

Lee was found not guilty of another charge -- breach of trust. The charge alleged that he illegally attempted to transfer ownership of a Samsung affiliate to his son.

He resigned in April.

"I sincerely apologize and will do my best to take full legal and moral responsibility," he a week after being indicted. "It grieves me for I still have many things to do."

As South Korea's largest conglomerate, Samsung lists sales of nearly $160 billion and exports of $70 billion. The company accounts for about a fifth of all South Korean exports.

All About Samsung Corporation

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