Samsung’s top boss acquitted by South Korean court
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Samsung’s top boss acquitted by South Korean court
Loveworld / 2 months
February 6, 2024
1 min read
On Monday, a Seoul court acquited Samsung Electronics Chairman Lee Jae-yong of charges related to the contentious 2015 merger of two Samsung affiliates.
This comes as a huge respite for the billionaire boss of Samsung, after years of legal troubles. The merger was said of being orchestrated to facilitate his assumption of control over South Korea’s largest conglomerate.
In the midst of the contentious 2015 merger, Lee Jae-yong was accused of engaging in stock price manipulation, breach of trust, and accounting fraud. South Korea’s news agency Yonhap news agency has reported that the charges were specifically linked to the transaction where three Samsung C&T shares were exchanged for one Cheil share.
Three years and five months after being indicted on charges related to market irregularities in the merger of Cheil Industries and Samsung, Lee received a not-guilty verdict from the Seoul Central District Court.
Reports say that the merger was alleged to be a strategy for consolidating his managerial control over the group at a reduced cost.
