Samsung Electronics Chairman Lee Jae-yong gets out of a car upon his arrival at the Seoul High Court in Seoul, South Korea, Monday, Feb. 3, 2025. (AP Photo/Lee Jin-man)
Seoul, South Korea — Samsung Electronics chief Lee Jae-yong was cleared again Monday of a raft of charges linked to a controversial 2015 merger which prosecutors claimed was designed to seal his control of the South Korean tech giant.
Lee was orginally cleared of the charges in a trial last year, but prosecutors appealed against the verdict.
Article continues after this advertisement“The evidence presented was not sufficient to prove the charges beyond a reasonable doubt,” court documents seen by AFP said.
FEATURED STORIES BUSINESS US tariffs: A blow to the world economy BUSINESS Mixed fuel price adjustments set on Tuesday, February 4 BUSINESS Trump’s proposed universal tariffs cast uncertainty on PH’s exportsLee was cleared of charges including stock price rigging, breach of trust, and accounting fraud.
READ: Jail sought for Samsung boss over fraud, stock manipulation
Article continues after this advertisementThey relate to the 2015 merger between Samsung C&T — a construction and engineering firm — and Cheil Industries.
Article continues after this advertisementLee did not answer any questions as he left the Seoul court, but his lawyers told reporters they “sincerely thank the court for its wise judgement”.
In a stock exchange filing on Thursday, October 17, the Ayala-led bank said its net income expanded by 24.3 percent to P48 billion.
Article continues after this advertisement“It has been a very long time since the investigation and trial process of this case began,” his legal team said.
“We hope that with this ruling, the defendants can now return to their rightful duties and responsibilities.”
Article continues after this advertisementLee was jailed for 18 months in a separate fraud and embezzlement case following a sweeping investigation that also brought down former president Park Geun-hye in 2017.
The current executive chairman of Samsung Electronics — the crown jewel of South Korea’s sprawling Samsung group — was released on parole in August 2021 having served half his sentence.
Subscribe to our daily newsletter
He returned to management shortly afterwards22win, and was officially named executive chairman in October 2022 — two months after South Korea’s then president pardoned him for the convictions.
bw777 login READ NEXT Hong Kong’s economic growth slows to 2.5% in 2024 Turkish inflation slows to 42.1% in January EDITORS' PICK Sen. Marcos chides gov't execs over lack of AKAP beneficiaries' list Filipino migrants allegedly scammed by Fil-Canadian recruiter VP Sara Duterte impeachment raps to be sent to Speaker this week – House A Midtimbang of Maguindanao: Young leader’s vision for community empowerment Fil-Am chef named semifinalist for 2025 James Beard Award Philippines’s Dia Mate is Reina Hispanoamericana Best in National Costume MOST READ Robredo: LP to navigate challenging times sans Lagman Dela Rosa last passenger to board chopper which crashed in Nueva Ecija Vlogger cop under restrictive custody for alleged rape - PNP Mixed fuel price adjustments set on Tuesday, February 4 Follow @FMangosingINQ on Twitter --> View comments