Samsung chief cleared of fraud and stock manipulation charges
CNN
Samsung Electronics Chairman Jay Y. Lee was found not guilty of accounting fraud and stock manipulation by a Seoul appeals court on Monday, in a ruling that could remove long-running legal risks that he has faced from criminal cases.
Samsung Electronics Chairman Jay Y. Lee was found not guilty of accounting fraud and stock manipulation by a Seoul appeals court on Monday, in a ruling that could remove long-running legal risks that he has faced from criminal cases. The Seoul High Court upheld the lower court’s ruling dismissing all charges from a case involving a 2015 merger that prosecutors said was designed to cement Lee’s control of the tech giant. The legal battles have been a distraction for Lee, who faced growing questions about his ability to lead Samsung Electronics, the world’s top memory chip and smartphone maker, as it grapples with growing competition and lackluster stock prices. “It took a long time. We hope with the latest ruling, the defendants would be able to focus on their work,” Lee’s lawyer Kim You-jin said after the ruling. For nearly a decade, Lee has faced legal challenges, including those from the merger that paved the way for his succession after his father, Lee Kun-hee, had a heart attack in 2014 that left him in a coma. A lower court last year cleared Lee of all charges related to the $8 billion merger in 2015 between two Samsung affiliates, Samsung C&T and Cheil Industries.
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