Samsung CEO acquitted by South Korean court in merger case

Samsung CEO Jay Y. Lee has been acquitted by a South Korean court of charges including price manipulation and accounting fraud. The lawsuit related to a merger of two subsidiaries of the electronics manufacturer in 2015.

In November, a prison sentence of 5 years and a fine of hundreds of thousands of euros were demanded against Lee Jae-yong, also known as Jay Y. Lee. The CEO was suspected of having disadvantaged small shareholders during the merger in 2015. Lee himself has always denied the allegations. The court in Seoul agrees and acquitted the CEO on Monday. writes the American CNN. According to the chief judge, there was ‘insufficient evidence’. According to experts, the ruling came as a surprise. It is not yet clear whether an appeal will follow.

In 2017, Lee was arrested in another case for his role in a bribery scandal that also allegedly implicated former South Korean President Park Geun-hye. Lee was then charged with bribery, embezzlement and perjury. He was found guilty and sentenced to 5 years in prison. However, he was released after less than a year. Also in 2021, Lee spent just over six months in prison after being found guilty of embezzlement and bribery. He was then pardoned by South Korean President Yoon Suk-yeol.

Lee is the grandson of Samsung founder Lee Byung-chul. His father, Lee Kun-hee, headed Samsung until his death in 2020. Lee has been executive chairman of Samsung since October 2022.