The top court in South Korea has exonerated Samsung CEO Lee Jae-yong of fraud charges, ending a protracted legal struggle over his involvement in a 2015 merger agreement.
As the de facto leader of Samsung since 2014 and the grandson of the business’s founder, Lee has been charged with attempting to take over the company through stock and accounting fraud. Following Lee’s acquittal on all counts in two previous trials, the Seoul Supreme Court ultimately affirmed a not guilty ruling.
As the nation struggles with corporate corruption scandals involving its strong family-run companies known as chaebols, the case attracted a lot of attention to the internet giant.
Samsung’s attorneys stated on Thursday that the Supreme Court’s final decision today unequivocally affirmed the legality of Samsung C&T’s merger and Samsung Biologics’ accounting approach.
We really appreciate the court’s prudent decision after a rigorous five-year trial process. The prosecution charged Lee and his advisors with using dishonest accounting to inflate the worth of Samsung Biologics, his pharmaceutical company. They contended that under a 2015 merger agreement, the increased value enabled him to purchase a bigger stake in a significant Samsung subsidiary, ensuring his succession.
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