Evidence obtained illegally: Samsung boss acquitted of fraud charges

Ten years after a merger between two Samsung subsidiaries was overshadowed by allegations of fraud, Samsung boss Lee Jae-yong has now been acquitted of all related charges. This was reported by the Korea Times, citing South Korea's highest court. The grandson of Samsung's founder and de facto head of the giant corporation has thus been freed from his most pressing legal problems and can now focus more on his role as head of Samsung Electronics. In the spring, he had declared that the electronics group was in an "existential crisis."

Hope for a more active role

The charges of which Lee has now been acquitted relate to the merger of the two Samsung subsidiaries in 2015. He was accused of manipulating share prices and orchestrating the merger in such a way that he could gain control of Samsung. After years of legal wrangling, he was found not guilty on all 19 counts in early 2024, the Korea Times now reports. According to the current ruling, this was based on a correct interpretation of the law. In addition, evidence obtained illegally was presented, while other evidence was inadmissible for other reasons.

For Samsung, by far the most important company in South Korea, the settlement is good news, and according to the newspaper, calls for Lee to exert greater influence had long been growing louder. In March, he warned that Samsung was facing a "question of survival or death" in light of major challenges. South Korea's richest man was sentenced to several years in prison in 2017 as part of a corruption scandal involving former President Park Geun Hye, as a result of which he spent a total of 18 months in prison until 2021. Since his father Lee Kun-hee suffered a heart attack in 2014 and subsequently spent years in a coma, he has been the de facto head of the Samsung Group.

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(mho)