SEOUL: On Monday, February 5, a Seoul court ruled Samsung Electronics Chairman Lee Jae-yong not guilty of accounting fraud and stock manipulation. The case concerned a 2015 merger of Samsung affiliates, which the prosecution claimed was intended to solidify his control over the tech conglomerate.
Last November, the prosecution requested a five-year prison sentence. Lee maintained his innocence, claiming that he and the other executives had worked in the best interests of shareholders when they decided to merge.
Prosecutors still have the option to appeal the unexpected decision.
The punishment keeps Lee, who was found guilty in 2017 of bribing a friend of former President Park Geun-hye, out of jail. Following his 18 months of service, he was given a 30-month term, but the government said he was needed to help solve a “national economic crisis” and pardoned him in 2022 by current President Yoon Suk Yeol.
Also Read:
One of Singapore’s Richest Men, Wee Cho Yaw, a Former Chairman of UOB, Passes Away at the Age of 95.
A notice was sent to a Singaporean businessman under the Foreign Interference Law.