Samsung boss cleared of fraud by South Korea's top court
The Supreme Court in Seoul has upheld a not guilty verdict for Samsung's de facto leader, Lee Jae-yong, in a high-profile case involving allegations of stock and accounting fraud relating to a merger deal.
Lee Jae-yong, the grandson of Samsung's founder and the de facto head of the company since 2014, was accused of using fraudulent means to gain control of the technology giant.
The allegations arose from a $8 billion merger between two Samsung subsidiaries in 2015.
In its final verdict, the Supreme Court ruled that the merger and accounting practices were lawful, concluding a five-year legal battle.
Samsung's lawyers expressed gratitude for the court's decision following a thorough trial process.
This ruling comes amid growing scrutiny of South Korea's family-run conglomerates, known as chaebols, in light of corporate corruption scandals.
Lee had previously faced multiple legal issues, including bribery charges and imprisonment, with his role in the company often drawing public attention due to Samsung's significant influence on the country's economy.
Despite these challenges, he has maintained control over the company.
The verdict does not alter Lee's status as the leader of Samsung but marks a significant moment for both the individual and the corporation.
The allegations arose from a $8 billion merger between two Samsung subsidiaries in 2015.
In its final verdict, the Supreme Court ruled that the merger and accounting practices were lawful, concluding a five-year legal battle.
Samsung's lawyers expressed gratitude for the court's decision following a thorough trial process.
This ruling comes amid growing scrutiny of South Korea's family-run conglomerates, known as chaebols, in light of corporate corruption scandals.
Lee had previously faced multiple legal issues, including bribery charges and imprisonment, with his role in the company often drawing public attention due to Samsung's significant influence on the country's economy.
Despite these challenges, he has maintained control over the company.
The verdict does not alter Lee's status as the leader of Samsung but marks a significant moment for both the individual and the corporation.
