Vice president and the de facto chief of Samsung Lee Jae-yong has been sentenced to five years in jail for corruption.

The prosecutors were asking 12 years in prison over a corruption scandal involving former president Park Geun-hye, Interfax reported.

He denied the charges and the lawyer said on Friday they would appeal against the court's decision.

According to Bloomberg agency, the judgment might have a great impact on Samsung Electronics. Company’s shares fell from 0.2% to 1.5% after the verdict was voiced.