South Korea court docket acquits Samsung chairman of inventory manipulation and fraud expenses – JURIST

The Seoul Central District Courtroom on Monday acquitted Samsung Government Chairman Jay Y. Lee of inventory manipulation and accounting fraud charges, in accordance with native media outlet The Korea Herald. This eradicated the potential for him being imprisoned.

The choice targeted on Lee’s involvement in a controversial merger of Samsung associates C&T and Cheil Industries in 2015. The prosecution referred to as for Lee to be sentenced to 5 years in jail and fined 500 million gained. They suspected that Samsung engaged in unfair practices to control the inventory market in assist of the merger and that the merger allowed Lee to strengthen his management of the Samsung conglomerate. Lee denied the costs in saying that his private pursuits weren’t thought-about within the merger.

In acquitting Lee, the court docket mentioned that there was inadequate proof to convict him. The choose mentioned there was no clear proof suggesting that the merger was solely useful to Lee and detrimental to minority shareholders. The choose deemed the merger to be part of typical enterprise operations and didn’t agree with the prosecution’s declare that Samsung proceeded with the merger at a time that may injury shareholders’ pursuits most severely. 13 different defendants, together with former Samsung executives Kim Jong-jung and Choi Gee-sung, have been additionally acquitted.

Lee acquired a presidential pardon in August 2022 for prior graft convictions. On February 5, 2018, a South Korean appeals court docket suspended his two-and-a-half-year jail sentence in rejecting most of his bribery and embezzlement expenses. The Seoul Excessive Courtroom sentenced Lee on January 18, 2021 to 2 and a half years in jail over corruption and bribery expenses. He beforehand spent one yr in jail in 2017 following that conviction.

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