Lee Jae-yong, Samsung Electronics vice chairman and de facto leader of Samsung Group, attends an inaugural dinner of South Korea's President Yoon Suk-yeol at a hotel in Seoul on May 10, 2022. (Photo: AFP)

The heir and de facto leader of Samsung group received a presidential pardon Friday, the latest example of South Korea's long tradition of freeing business leaders convicted of corruption on economic grounds.

Billionaire Lee Jae-yong, who was convicted of bribery and embezzlement in January last year, will be "reinstated" to give him a chance to "contribute to overcoming the economic crisis of South Korea", Justice Minister Han Dong-hoon said.