Samsung’s top executive is declared innocent on fraud case
(MENAFN) Samsung’s top executive, Lee Jae-yong, has been officially acquitted of fraud by South Korea’s Supreme Court, bringing an end to a lengthy legal saga centered on a controversial merger from 2015.
Lee, who is the grandson of the company's founder and has effectively led the tech giant since 2014, faced allegations of manipulating stock values and engaging in accounting fraud to tighten his grip on the company.
According to reports, the Supreme Court upheld the previous rulings that found Lee not guilty, marking the final decision after two earlier court acquittals.
The case had placed Samsung under intense public and legal scrutiny, reflecting broader concerns in South Korea about the influence and transparency of major family-run conglomerates, known locally as chaebols.
“Today, the Supreme Court has clearly confirmed through its final ruling that the merger of Samsung C&T and the accounting treatment of Samsung Biologics were lawful,” stated Samsung's legal representatives on Thursday. “We sincerely thank the court for its wise judgment following a thorough five-year trial process.”
The prosecution had claimed Lee and his team manipulated the value of Samsung Biologics through dishonest accounting practices. By doing so, they alleged, he was able to increase his ownership in a core Samsung unit during the 2015 merger, helping solidify his leadership position.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
