AKIPRESS.COM - Samsung heir Lee Jae-yong is to receive a presidential pardon next week, paving the way for him to retake the helm of South Korea’s biggest company as it confronts slowing demand in the global chip sector, Yonhap reports.

The billionaire scion of Samsung’s ruling family will be formally granted the pardon on Monday by president Yoon Suk-yeol, who as a prosecutor had led Lee’s prosecution on bribery charges.

Lee was released from prison on parole last year by the administration of Yoon’s predecessor, Moon Jae-in, having served 19 months of a 30-month prison sentence for bribing former conservative president Park Geun-hye.

As a convicted criminal, he was barred from holding a formal position at Samsung Electronics or any other company for five years after his conviction.