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