Samsung Chairman Jay Y. Lee Acquitted in 2015 Merger Case – News18

Samsung Electronics, Chairman Jay Y. Lee was discovered not responsible of accounting fraud and inventory manipulation by a Seoul courtroom on Monday in a case a few 2015 merger of Samsung associates that prosecutors stated was designed to cement his management of the tech group.

Prosecutors had requested for a 5-12 months jail time period final November. Lee denied wrongdoing, arguing that he and different executives acted on the assumption the merger would profit shareholders. The shock ruling may nonetheless be appealed by prosecutors. The sentence prevents a return to jail for Lee who was convicted in 2017 of bribing a buddy of former President Park Geun-hye.

He served 18 months of a 30-month sentence and was pardoned in 2022 by present President Yoon Suk Yeol with the federal government saying he was wanted to assist overcome a “national economic crisis”. In the merger case, prosecutors accused Lee, 55, and different former executives of violating the Capital Markets Act to engineer a merger between Samsung C&T, and Cheil Industries that rode roughshod over the pursuits of minority shareholders.

Prior to merger, the Lee household and associated entities managed Cheil however not Samsung C&T, which was a serious shareholder in Samsung Electronics – the crown jewel in the Samsung Group. South Korea’s greatest conglomerates are nonetheless owned and managed by their founding households and the general public has lengthy veered between anger over their many scandals and recognition that the households are accountable for a lot of the nation’s financial success. As of end-September, the Lee household and associated entities owned 20.7% of Samsung Electronics.

(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – Reuters)