Lee Jae-yong "Falling Short of Public Expectations... Will Definitely Overcome and Move Forward" (Comprehensive)

"No Personal Gain Intended... Shortcomings and Oversights"
"Received Merger Proposal, Believed It Would Benefit the Future"

Samsung Electronics Chairman Lee Jae-yong said on the 25th, "I will do everything I can to transform Samsung into a company loved by the people."

Samsung Electronics Chairman Lee Jae-yong is entering the Seoul High Court building on the 25th to attend the appellate trial verdict hearing for the Samsung C&T and Cheil Industries unfair merger suspicion case. Photo by Heo Young-han

On the same day, at the final statement hearing of the appeal trial related to the 'Samsung unfair merger allegations' held at the Seoul High Court in Seocho-gu, Seoul, Chairman Lee stated, "The reality we are facing now is more challenging than ever. I will definitely overcome this difficult situation and take a step forward."

At around 7:30 p.m., during his final statement, Chairman Lee stood up and read from a prepared manuscript. He said, "The appeal trial so far has been a valuable time to reflect on myself and the management of the company once again," and added, "I spent a lot of time blaming myself, wondering if we failed to meet the high expectations of the public for Samsung." He emphasized, "As an entrepreneur, I have always been thinking about ways to ensure the survival and sustainable growth of the company."

Chairman Lee said, "This merger is no different. After being informed of the merger promotion, I believed it would definitely benefit the future of both companies," and appealed, "There was absolutely no intention to harm shareholders or deceive investors for my personal gain." He bowed his head, saying, "I believe the misunderstandings arose from my shortcomings and negligence."

He also addressed the recent 'crisis theory' surrounding Samsung. He said, "I am well aware that concerns about Samsung's future have grown significantly recently," and added, "Hearing many people's worries and support, I have once again realized the great expectations the public has for Samsung." He concluded by saying, "Please give me the opportunity to fully focus on my mission so that Samsung can be reborn as a company loved by the people."

On the same day, the 13th Criminal Division of the Seoul High Court (Presiding Judge Baek Kang-jin) held the final hearing from 2 p.m. for Lee and 13 current and former Samsung executives and employees, as well as Samjong Accounting Corporation, who were indicted on charges including violation of the Capital Markets and Financial Investment Business Act. The prosecution requested a sentence of five years in prison and a fine of 500 million won for Chairman Lee, the same as in the first trial.