The South Korean High Court has upheld the appeal court’s decision to reject all the allegations in a long -standing fraud case against Samsung chairman JY Lee. Accounting fraud and stock manipulation charges were born in 2015 from the integration of two Samsung subsidiaries. Prosecutors accused Lee of manipulating shares to help clear the path of integration in an attempt to strengthen his power.
In 2024, a court ruled that the prosecutor failed to prove his claims. Since then, this case has worked through the process of appeals. In a statement ReutersSamsung’s lawyers said the latest decision has confirmed that the merger has been legally completed and added that they are “sincere thanks” by the Supreme Court.
Back in 2017, Lee was sentenced to five years in prison after being sentenced to bribe government officials for integration. However, the Supreme Court dismissed the decision and ordered the trial again. As a result, Lee was sentenced to 30 months in prison and was presented 18 months before he was parole. The then South Korean President Yun Sik Yol (who was removed from office this year and recently re -considered the failed martial law attempt in 2024) later forgave Lee.
Although the Supreme Court’s decision was widely expected, it clears “a layer of legal uncertainty” related to Samsung, a analyst said. This will allow Lee to focus his focus on Samsung, which predicted a 56 % reduction in operating profit in April-June quarter earlier this month, compared to the same period.
