November 22, 2024 17:28 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing | PM Modi bestowed Dominica's highest award at India-CARICOM Summit
South Korean court acquits Samsung Chairman over 2015 merger case
South Korea
Photo Courtesy: Unsplash

South Korean court acquits Samsung Chairman over 2015 merger case

| @indiablooms | 05 Feb 2024, 05:59 pm

Samsung Electronics Executive Chairman Lee Jae-yong was acquitted on Monday of financial crimes during the merger of two Samsung affiliates in 2015, the media reported.

Lee was accused of fraud for engaging in market irregularities during the merger of Cheil Industries and Samsung C&T in order to strengthen the group's control at a lower cost. Prosecutors suspected the businessman of stock price rigging, breach of trust, and accounting fraud, South Korean news agency Yonhap reported.

The businessman reportedly resorted to disseminating false market information, buying up the affiliates' stocks, and illegally lobbying for a deal to reduce the prices of Samsung C&T and increase Cheil Industries' prices. Lee was the largest shareholder of Cheil Industries with a 23.2% stake, while Samsung C&T was the parent company of the Samsung Group holding company, the news agency reported.

The merger was reportedly seen as critical to Lee's succession in the family business after his father suffered a heart attack in 2014.

Prosecutors had sought a five-year prison sentence for Lee and a fine of 500 million won ($373,500). The court also acquitted a number of former Samsung employees who were charged in the merger case, Yonhap reported.


(With UNI inputs)

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos