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Dennis M2 via flickr
The decision will conclude a legal conflict that has persisted since Lee succeeded his ill father in 2014.
On Thursday, the Supreme Court confirmed lower court rulings that found Lee Jae-yong not guilty of financial offenses associated with the protracted merger case involving Cheil Industries Inc. and Samsung C&T. The Samsung CEO had 19 charges in total.
In 2015, the companies combined through a stock exchange, exchanging three Samsung C&T shares for a single Cheil share. This enabled Lee Jae-yong, who held 23.2% of Cheil, to become Samsung C&T's largest shareholder, which is the de facto holding firm of Samsung Group.
In 2023, prosecutors in South Korea demanded a five-year prison term and a monetary penalty for Lee Jae-yong regarding the case. Nonetheless, the court determined that the prosecution failed to present adequate evidence that the agreement was executed unlawfully. The court additionally found no proof of damage to the interests of other shareholders or deceitful reporting.
source: ft.com
On Thursday, the Supreme Court confirmed lower court rulings that found Lee Jae-yong not guilty of financial offenses associated with the protracted merger case involving Cheil Industries Inc. and Samsung C&T. The Samsung CEO had 19 charges in total.
In 2015, the companies combined through a stock exchange, exchanging three Samsung C&T shares for a single Cheil share. This enabled Lee Jae-yong, who held 23.2% of Cheil, to become Samsung C&T's largest shareholder, which is the de facto holding firm of Samsung Group.
In 2023, prosecutors in South Korea demanded a five-year prison term and a monetary penalty for Lee Jae-yong regarding the case. Nonetheless, the court determined that the prosecution failed to present adequate evidence that the agreement was executed unlawfully. The court additionally found no proof of damage to the interests of other shareholders or deceitful reporting.
source: ft.com
