Seoul, July 17 (IANS) The Supreme Court on Thursday finalised the acquittal of Samsung Electronics Chairman Lee Jae-yong in a controversial merger case dating back to 2015.
The verdict came four years and 10 months after Lee was indicted on charges of unfair trading, stock price manipulation and accounting fraud in the merger of two Samsung affiliates, Cheil Industries and Samsung C&T Corp, in 2015, reports Yonhap news agency.
The merger was seen as crucial to Lee’s succession as heir of the family-controlled group, as his father, Lee Kun-hee, had suffered a heart attack the previous year.
Prosecutors argued the merger and other alleged irregularities were intended to help Lee solidify control of South Korea’s largest conglomerate at minimal cost.
Lee was acquitted of all 19 charges in the first trial and all 23 charges in the second trial after additional charges were added.
The Supreme Court dismissed the prosecution’s appeal, saying there were no errors in the original ruling.
The court also finalised the acquittals of 13 other people implicated in the case, including Choi Gee-sung, former head of Samsung’s now-disbanded control tower Future Strategy Office.
In February this year, the prosecution said it will appeal the recent acquittal of Samsung Electronics Chairman Lee Jae-yong in relation to a 2015 merger case to the Supreme Court.
On Monday, the Seoul High Court upheld the acquittal of Lee in accounting fraud and other irregularities related to the controversial merger of two Samsung affiliates — Cheil Industries and Samsung C&T Corp.
The appellate court confirmed the not-guilty verdict for Lee, who was indicted on charges of involvement in stock price manipulation, accounting fraud and other irregularities during the merger, which prosecutors suspect was aimed at taking control of South Korea’s biggest conglomerate at a lower cost, according to the report.
—IANS
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