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Samsung Chairman Jay Y. Lee Acquitted in Fraud and Stock Manipulation Case

SEOUL: Samsung Electronics Chairman Jay Y. Lee was acquitted today by a Seoul appeals court of accounting fraud and stock manipulation charges related to a controversial 2015 merger, which prosecutors alleged was aimed at solidifying his control over the tech giant.

Samsung Electronics Chairman Jay Y. Lee arrived at the Seoul appeals court earlier today
Samsung Electronics Chairman Jay Y. Lee arrived at the Seoul appeals court earlier today

The case has underscored persistent legal challenges for Lee, who continues to face scrutiny over his leadership of Samsung Electronics, the world’s leading memory chip and smartphone maker, amid intensifying competition and sluggish stock performance.

A lower court had previously cleared Lee of all charges, including allegations of stock price manipulation and accounting fraud tied to the US$8 billion merger between Samsung C&T and Cheil Industries. Prosecutors later appealed to the Seoul High Court, seeking a five-year prison sentence, citing an August ruling that found Samsung BioLogics—an affiliate of Cheil Industries—had inflated its assets to justify the merger.

Lee has consistently denied any wrongdoing, stating in court last November, “I never intended to deceive or damage investors for personal gain.”

It remains uncertain whether prosecutors will appeal the decision to the Supreme Court. — Reuters

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