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Samsung Chief Cleared Of Charges In 2015 Merger Case
- By The Financial District
- Feb 6, 2024
- 1 min read
Samsung Electronics Chairman Jay Y. Lee has been found not guilty of accounting fraud and stock manipulation by a Seoul court in a case related to a 2015 merger.
Prosecutors alleged that the merger was designed to cement Lee's control of the tech giant. I Photo: Samsung
Prosecutors alleged that the merger was designed to cement Lee's control of the tech giant.
The ruling, which was unexpected by some analysts who anticipated a suspended sentence, could give Lee more freedom in steering Samsung, the country's largest conglomerate.
Lee and other former executives were accused of engineering a merger between two Samsung affiliates, Samsung C&T and Cheil Industries, in a way that disregarded the interests of minority shareholders.
The case had significant implications for Samsung Electronics, impacting its operational agility and innovation due to Lee's legal problems. With the verdict in his favor, Samsung may regain momentum in driving innovation and growth.
