Allegations of Market Manipulation and Accounting Fraud
The prosecution appealed the first trial verdict that acquitted Samsung Electronics Chairman Lee Jae-yong of any illegal activities in the process of succession of management rights.
According to the legal community on the 8th, the Seoul Central District Prosecutors' Office filed an appeal against the first trial verdict that acquitted Chairman Lee on the same day.
Samsung Electronics Chairman Lee Jae-yong is leaving the courthouse after being acquitted in the first trial for charges related to unfair mergers and accounting fraud in the Samsung Group succession case at the Seoul Central District Court in Seocho-gu, Seoul. [Photo by Yonhap News]
The Seoul Central District Court Criminal Division 25-2 (Chief Judge Park Jeong-je, Judges Ji Gwi-yeon and Park Jeong-gil) acquitted Chairman Lee on the 5th, who was indicted on 19 charges including unfair trading and market manipulation under the Capital Markets Act and breach of duty, stating "there is no proof of the crime for all the charges."
Chairman Lee was indicted in September 2020 on charges of involvement in various unfair trades, market manipulation, and accounting fraud promoted by the Future Strategy Office to securely succeed management rights at minimal cost and strengthen control during the 2015 merger of Cheil Industries and Samsung C&T Corporation.
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