• The Financial District

SAMSUNG HEIR SLAPPED WITH EMBEZZLEMENT, STOCK PRICE FRAUD RAPS

The heir of the telecommunications giant Samsung, Lee Jae Yong, has been charged with several offenses in connection with the controversial merger of two of the group's subsidiaries, Deutsche Presse-Agentur (dpa) reported late on September 1, 2020.

The prosecution accuses the 52-year-old vice president of Samsung Electronics of embezzlement and stock price manipulation, among other things, South Korean media reported on Tuesday.


Investigators suspect the management used illegal means to promote the merger of construction company Samsung C&T with subsidiary Cheil Industries five years ago. 


According to critics, Samsung's founding family profited from the merger. Lee has denied the charges.


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