The Chairman of Samsung Lee Jae-yong has been found not guilty of stock price manipulation and accounting fraud following his appearance in a Seoul Cort yesterday.
Prosecutors had sought a prison sentence of five years after they alleged his actions were used to secure his rise to the top of the global technology giant.
The acquittal comes three and half years after prosecutors accused Lee of committing the white-collar crimes over a merger between Samsung Group companies Cheil Industries and Samsung C&T in 2015.
The death of Samsung founder Lee Kun-hee, who died in 2022 resulted in the family having to pay billions in death duties.
Lee Jae-yong denied the charges with Park Jeong-je, the chief judge, telling the court “We do not see the purpose of the merger in this case as unfair because there was a reasonable business purpose,” P. “We cannot conclude that the merger was for strengthening the management rights of the accused”.
Lee’s attorneys welcomed the verdict.
“With this ruling, we think it is confirmed clearly that the Samsung C&T merger and Samsung Biologics’ accounting process were legitimate,” his legal team said in a statement. “We wholeheartedly appreciate the judges as they made a wise decision.”
Hundreds of witnesses testified during the course of the proceedings. Hyung-Jin Chung, a Goldman Sachs managing director who advised Lee on many issues — including a meeting with legendary U.S. investor Warren Buffett — was one of them.
The trial was the latest legal risk faced by Lee, who had served one and half years in prison for bribing former President Park Geun-hye to win support from the state pension fund for the merger. Lee received a pardon from President Yoon Suk Yeol in 2022.
