Seoul: Samsung Electronics Chairman Jay Y. Lee was acquitted of charges related to accounting fraud and stock manipulation by a Seoul appeals court on Monday. The case revolved around a controversial 2015 merger, which prosecutors argued was designed to solidify Lee’s control over the tech conglomerate.
The case has drawn attention to the ongoing legal challenges Lee faces, especially as questions arise about his leadership of Samsung Electronics, the world’s leading memory chip and smartphone manufacturer, which is dealing with increasing competition and sluggish stock performance.
Last year, a lower court cleared Lee of all charges, including stock price manipulation and accounting fraud linked to the $8 billion merger between two Samsung affiliates—Samsung C&T and Cheil Industries.
However, prosecutors appealed to the Seoul High Court, seeking a five-year prison sentence for Lee, citing a separate ruling in August that found Samsung BioLogics, an affiliate of Cheil Industries, guilty of accounting violations for overstating its assets to justify the merger.
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Lee has repeatedly denied any wrongdoing, asserting in court last November, “I never intended to deceive or damage investors for personal gain.”
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It remains unclear whether the prosecution will appeal the decision to South Korea’s Supreme Court.
