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A Seoul appeal court on Monday upheld the acquittal of Samsung Electronics Executive Chairman Jay Y. Lee in account fraud and stock use in a display case related to a controversial 2015 unification of two Samsung affiliate , Cheil Industries and Samsung C&T.
The Seoul High Court dismiss the prosecution ’s appealingness in the case involving Lee , who face up 19 mission related to unjust trading and stock price manipulation under the Financial Investment Services and Capital Markets Act connect with the controversial 2015 merger of the two affiliates . Prosecutors had say that the merger was destine to strengthen his control over South Korea ’s biggest electronics giant . Also , they said Samsung ’s merger summons get hold of a toll on the shareholder of Samsung C&T.
The reign comesone year after a South Korean lower court acquitted Leeof misconduct and nearly four year and five monthsafter Lee was indicted in September 2020 .
In September 2020 , Lee , then the vice chair of Samsung Electronics , along with other former Samsung administrator , was indict for advocating the merging of Cheil Industries , Samsung ’s material affiliate , with Samsung C&T , its construction unit , to take over the technical school giant ’s direction controls in 2015 .
All of the former Samsung execs were also come up not hangdog of the accusations by a Seoul appeal tribunal on Monday .
During the November 2023 earshot , Lee denied the allegations of misconductand submit that the merger process followed the company ’s standard usable function . In Novemberlast year , prosecutor in South Korea call for a five - year prison house terminal figure and a 500 million KRW fine , just about $ 375,000 , for Samsung Electronics drawing card Jay Y. Lee at an collection lawcourt .
The decision cap off nearly a decade of effectual disputes for Lee , start with one in 2015 pore on a merger that highlighted issues with corporate governance .
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“ It is hard to say the merger was hold out without the two company ’ consent , as it was decided under arrangement and cooperation of Samsung C&T , Cheil Industries and Samsung ’s Future Strategy Office , ” the motor lodge said , refuting the prosecution ’s call that Samsung ’s control tower office made the merger decision solely .
The prosecutors aver that they will review the high court ’s conclusion before decide whether to appeal the ruling to the Supreme Court , according tomedia outlet Yonhap .
