SEOUL, South Korea — A South Korean appeals courtroom on Monday upheld a decrease courtroom’s ruling that acquitted Samsung Electronics Chairman Lee Jae-yong of economic felony expenses over a contentious merger between Samsung associates that cemented his grip over the most important South Korean firm.
The Seoul Excessive Court docket rejected an enchantment by prosecutors.
You Jin Kim, Lee’s lawyer, welcomed the ruling, saying he hopes that Lee would now give attention to his firm following Monday’s verdict. Prosecutors can once more enchantment to the Supreme Court docket, whose rulings are last.
In February 2024, the Seoul Central District Court docket mentioned the prosecution didn’t sufficiently show the merger between Samsung C&T and Cheil Industries was unlawfully carried out with an intention to strengthen Lee’s management over Samsung Electronics.
Lee, a third-generation company inheritor who was formally appointed chairman of Samsung Electronics in October 2022, has led the Samsung group of firms since 2014, when his late father, former chairman Lee Kun-hee, suffered a coronary heart assault.
Lee Jae-yong served 18 months in jail after being convicted in 2017 over separate bribery expenses associated to the 2015 deal.
He was initially sentenced to 5 years in jail for providing bribes to then-President Park Geun-hye and her shut confidante to win authorities help for the 2015 merger, which was key to strengthening his management over the Samsung enterprise empire and solidifying the father-to-son management succession.
Lee was launched on parole in 2021, and pardoned by South Korean President Yoon Suk Yeol in August 2022.
Some shareholders had opposed the 2015 merger, saying it unfairly benefited the Lee household whereas hurting minority shareholders.