South Korean Appeals Court defends the acquittal of the Samsung Lee chief

Seoul, South Korea (AP) – A Court of Appeals of South Korea confirmed on Monday a Lower Court rule that acquitted the president of Samsung Electronics, Lee Jae-Yong of Financial criminal charges On a controversial fusion among Samsung affiliates that consolidated its control over the largest South Korean company.

The Seoul Superior Court rejected an appeal of prosecutors.

You Jin Kim, Lee’s lawyer welcomed the ruling, saying that he hopes to read now he focuses on his company after Monday’s verdict. Prosecutors can appeal again before the Supreme Court, whose decisions are final.

In February 2024, the Seoul Central District Court said the Prosecutor’s Office did not sufficiently demonstrate the merger between Samsung C&T and Cheil Industries was illegally with the aim of strengthening the control of Lee on Samsung Electronics.

Lee, a third generation corporate heir that was officially Appointed president of Samsung Electronics in October 2022, He led the Samsung group of companies since 2014, when his late father, former president Lee Kun-Hee suffered a heart attack.

Lee Jae-Yong turned 18 in prison after being sentenced in 2017 for separate bribery charges related to the 2015 agreement.

Originally he was sentenced to five years in prison for offering bribes to then President Park Geun-Hye and his close confident to gain government support for the merger of 2015, which was key to strengthening his control over the Samsung commercial empire and solidifying the father. Leadership succession to be a child.

Lee was released on probation in 2021and forgiven by South Korean president Yoon Suk Yeol in August 2022.

Some shareholders had opposed the fusion of 2015, saying that it unfairly benefited the Lee family while hurting minority shareholders.

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