The decision was made to help the country overcome its "economic crisis," the
The pardons will take effect on Monday, when the country marks the end of Japanese colonial rule 77 years ago.
Lee, who was convicted of bribery and embezzlement last year, was already on parole after serving 18 months in jail, but he has been restricted from freely carrying out business activities.
"I sincerely appreciate being given a chance to start anew," the de facto leader of the technology giant said in a statement, adding he will contribute to the country's economy through investment and youth job creation.
South Korean President
A widely expected pardon for former President
The company vowed to make efforts to revitalize the South Korean economy.
==Kyodo
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