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☆ Samsung chief Lee Jae-yong acquitted in 2015 merger case
▼ + stars: | 2024-02-05 | by ( Yoonjung Seo | ) edition.cnn.com time to read: +1 min

Seoul CNN —Samsung chief Lee Jae-yong was found not guilty by a Seoul court on Monday on charges of stock manipulation and accounting fraud connected to a controversial merger in 2015 of two Samsung affiliates. The acquittal comes as a major relief to the chairman of Samsung Electronics, who has been embroiled in legal problems for years. They alleged that the merger of the two firms allowed Lee to gain a tighter grip on Samsung Electronics, the group’s flagship company. “Even if Lee’s control has been strengthened, the merger in this case cannot be considered unfair, as long as there is a reasonable purpose for the merger,” Park said. He added the decision will “lead to lowering the confidence of foreign investors in the Korean legal system and the soundness of the Korean capital market.”

Persons: Lee Jae, Lee, Park Jeong, ” Organizations: Seoul CNN — Samsung, Samsung, Samsung Electronics, Cheil Industries, Seoul, District Court, Seoul National University, CNN Locations: Seoul

SEOUL, South Korea (AP) — A South Korean court on Monday acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes involving a contentious merger between Samsung affiliates in 2015 that tightened his grip over South Korea’s biggest company. The court said the prosecution failed to sufficiently prove the merger between Samsung C&T and Cheil Industries was unlawfully conducted with an aim to strengthen Lee’s control over Samsung Electronics. Lee had denied wrongdoing in the current case, describing the 2015 merger as “normal business activity.”Lee, 56, did not answer questions from reporters as left the court. Lee Jae-yong served 18 months in prison after being convicted in 2017 over separate bribery charges related to the 2015 deal. Some shareholders had opposed the 2015 merger, saying that it unfairly benefited the Lee family while hurting minority shareholders.

Persons: Lee Jae, Lee, ” Lee, Jin Kim, Lee Kun, Park, Yoon Suk, tycoons, Kim Tong, hyung Organizations: Samsung, Korea’s, Seoul Central, Cheil Industries, Samsung Electronics, Prosecutors, South, National Pension Service Locations: SEOUL, South Korea, Seoul, Ukraine

☆ Samsung boss denies wrongdoing as South Korea prosecutors seek jail term over 2015 merger
▼ + stars: | 2023-11-17 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

SEOUL, Nov 17 (Reuters) - Samsung Electronics (005930.KS) chairman Jay Y. Lee denied wrongdoing on Friday after South Korean prosecutors called for him to be jailed for five years on charges of accounting fraud and stock price manipulation involving an $8 billion merger of Samsung affiliates in 2015. The hearing is the final lower court session before a ruling, scheduled for January 26, ending a trial that has lasted three years. Samsung Electronics Vice Chairman Jay Y. Lee arrives at a court in Seoul, South Korea, October 26, 2021. "I have never had my personal interests in mind in the course of the merger," Lee told the court. Lee was previously convicted of bribing former South Korean President Park Geun-hye and went to jail for a total of 18 months from 2017 to 2021.

Persons: Jay Y, Lee, Kim Hong, Park, hye, Joyce Lee, Miral Fahmy, Mark Potter Organizations: Samsung Electronics, South, Samsung, Seoul Central District Court, Prosecutors, Cheil Industries, REUTERS, Korean, Analysts, South Korean, Thomson Locations: SEOUL, KS, Seoul, South Korea

☆ South Korea prosecutors seek jail for Samsung boss on fraud, stock manipulation charges
▼ + stars: | 2023-11-17 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SEOUL, Nov 17 (Reuters) - South Korean prosecutors sought on Friday a five-year jail term for the boss of Samsung Electronics (005930.KS) Jay Y. Lee over charges of accounting fraud and stock price manipulation involving an $8 billion merger of Samsung affiliates in 2015. Prosecutors allege the executives' involvement in the merger of group affiliates Samsung C&T (028260.KS) and Cheil Industries included stock price manipulation and other wrongdoings that helped them gain at the expense of minority investors. Lee and the executives have denied wrongdoing, saying the merger and accounting processes that prosecutors have taken issue with were part of normal management activities. A small group of supporters chanted his name outside the court during a recess, while detractors yelled angrily at him. Reporting by Joyce Lee; Editing by Tom Hogue, Ed Davies and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Jay Y, Lee, Park, hye, Joyce Lee, Tom Hogue, Ed Davies, Miral Organizations: Samsung Electronics, Samsung, Seoul Central District Court, Prosecutors, Cheil Industries, South Korean, Thomson Locations: SEOUL, KS, Seoul

☆ South Korea ordered to pay Elliott about $109 mln total over 2015 Samsung merger
▼ + stars: | 2023-06-20 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

SEOUL, June 20 (Reuters) - The South Korean government has been ordered to pay hedge fund Elliott about $108.5 million, Elliott and the Ministry of Justice said on Tuesday, in an dispute settlement case stemming from the 2015 merger of two Samsung (005930.KS) affiliates. Elliott was a minority stakeholder in Samsung C&T and opposed the deal, deeming the terms of the merger unduly unfavourable to the company. The NPS, which approved the merger, held a larger stake in Samsung C&T and was viewed as a casting vote. The arbitration tribunal ordered the South Korean government to pay Elliott about $53.6 million in damages, plus delayed interest, as well as $28.9 million in legal fees, the justice ministry said, without elaborating. Elliott welcomed the decision in a statement, and urged South Korea to "pay the ultimate award rather than pursue baseless legal proceedings to challenge the Tribunal's decision".

Persons: Elliott, Moon Hyung, Park, hye, Joyce Lee, Sandra Maler Organizations: South, Ministry of Justice, Samsung, Elliott Investment, South Korean, Cheil Industries, Thomson Locations: SEOUL, The Hague, U.S, South, South Korea

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