A South Korean court has sentenced Lee Jae-young, vice president of world-renowned technology company Samsung Electronics, to two and a half years in prison in a corruption case.

The High Court in the South Korean capital, Seoul, announced the verdict on Monday (January 18th). Lee Jae-yong, South Korea's most powerful businessman, was jailed for a year for allegedly bribing an aide to former President Park Geun-hye. His sentence was commuted in 2018 after an appeal to the Supreme Court. A year later, the Supreme Court ordered his trial to resume.

Lee Jae-yong, 52, has been the head of the company since 2014. Meanwhile, shares of Samsung Electronics fell 4 percent in the stock market after the verdict was announced.