Lee Jae-yong, the de facto head of Samsung, has been sentenced to five year in prison for bribery and corruption, following a scandal that has also seen the impeachment of South Koreas former president.

Lee has been detained since February on a string of corruption charges including bribergy, embezzlement and hiding assets overseas, in a case that has gripped the South Korean public and media, and led to growing anger directed at the countrys largest companies, known locally as chaebols, which tend to be dominated by powerful families.

The 49-year-old is accused of giving donations worth 41bn won (£29m) to non-profit foundations operated by Choi Soon-sil, a friend of South Koreas former President Park Geun-hye, in return for political favours that helped Lee strengthen his control over Samsung.

“This case is a matter of Lee Jae-young and Samsung Group executives, who had been steadily preparing for Lees succession…bribing the president,” said Seoul Central District Court judge Kim Jin-dong.

Lee denies knowledge of the payments. He has admitted that the firm also gave a horse and cash payments to help the equestrian career of Chois daughter, former Olympian Chung Yoo-ra, but has denied seeking favours in return. Lees lawyers have said they will appeal against the courts decision.

Two other Samsung executives, Choi Gee-sung and Chang Choong-ki, have also been convicted in the same trial, and were both sentenced to four years in prison. Former Samsung president Park Sang-jin and executive vice-president Hwang Sung-soo were both given suspended sentences.

The chaebols, which are family-run conglomerates that wield huge economic power in South Korea, have long been viewed as responsible for the country escaping poverty in the wake of the Korean War. However, in recent years they have been criticised for holding back the economy, stifling small businesses and startups, and for the close relationship many have with politicians.

Don’t forget to enter the Effective Mobile Marketing Awards. Weve extended the final deadline to 25 August, but times running out. More details here.