SSMMF - Samsung shares slip as leader Jay Y. Lee sentenced to jail

The Seoul High Court has sentenced Jay Y. Lee, the de facto leader of Samsung Group, to 2.5 years in prison in a retrial of a case involving former President Park Geun-hye.Lee was found guilty of bribery, embezzlement and concealment of criminal proceeds (he was unexpectedly freed from jail in 2018 after a South Korean appeals court suspended his prior sentence).The risks of more prison time are casting a cloud over the sprawling conglomerate and its crown jewel, Samsung Electronics (SSNLF), whose annual revenue alone is equivalent to 12% of South Korea's GDP.The industry heavyweight closed the session down 3.4% in Korea, while related shares saw heavy losses. Samsung C&T sunk 6.8%, Samsung SDI (SSDIY) fell 4.2%, Samsung Heavy Industries declined 2.7% and Samsung Life Insurance (SSMMF) tumbled 5%.Reports recently have Intel talking with TSMC and Samsung as it decides how much production to outsource, a decision that is due

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Samsung shares slip as leader Jay Y. Lee sentenced to jail