Lawyer News
Today's Date: U.S. Attorney News Feed
Samsung chief is acquitted of financial crimes related to 2015 merger
Criminal Law Updates | 2024/02/05 19:57
A South Korean court on Monday acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes involving a contentious merger between Samsung affiliates in 2015 that tightened his grip over South Korea’s biggest company.

The ruling by the Seoul Central District Court could ease the legal troubles surrounding the Samsung heir less than two years after he was pardoned of a separate conviction of bribery in a corruption scandal that helped topple a previous South Korean government.

The court said the prosecution failed to sufficiently prove the merger between Samsung C&T and Cheil Industries was unlawfully conducted with an aim to strengthen Lee’s control over Samsung Electronics.

The ruling was criticized by activists, progressive politicians and commentators, who questioned how Lee could be innocent of all charges when he had previously been convicted in the separate case of bribing a former president while seeking government support for the merger. The People’s Solidarity for Participatory Democracy, South Korea’s biggest civic group, said the court failed to display “even a minimal level of social justice” by putting Lee’s interests before those of shareholders and pensioners, whose retirement funds were possibly reduced by the deal, which was endorsed by the National Pension Service.

It described the ruling as a setback for years of efforts to reform the management culture of South Korea’s family-owned conglomerates and their cozy ties with the government. South Korean corporate leaders often receive relatively lenient punishments for corruption, business irregularities and other crimes, with judges often citing concerns over the country’s economy.

Prosecutors had sought a five-year jail term for Lee, who was accused of stock price manipulation and accounting fraud. It wasn’t immediately clear whether they would appeal. Lee denied wrongdoing in the current case, describing the 2015 merger as “normal business activity.”

Lee, 55, did not answer questions from reporters as he left the court. You Jin Kim, Lee’s lawyer, praised the ruling, saying it confirmed that the merger was legal.

Lee, a third-generation corporate heir who was officially appointed chairman of Samsung Electronics in October 2022, has led the Samsung group of companies since 2014, when his late father, former chairman Lee Kun-hee, suffered a heart attack.

Lee Jae-yong served 18 months in prison after being convicted in 2017 over separate bribery charges related to the 2015 deal. He was originally sentenced to five years in prison for offering 8.6 billion won ($6.4 million) worth of bribes to then-President Park Geun-hye and her close confidante to win government support for the 2015 merger, which was key to strengthening his control over the Samsung business empire and solidifying the father-to-son leadership succession.

Park and her confidante were also convicted in the scandal, and enraged South Koreans staged massive protests for months demanding an end to shady ties between business and politics. The demonstrations eventually led to Park’s ouster from office.

Lee was released on parole in 2021 and pardoned by South Korean President Yoon Suk Yeol in August 2022, in moves that extended a history of leniency toward major white-collar crime in South Korea and preferential treatment for convicted tycoons.

Some shareholders had opposed the 2015 merger, saying it unfairly benefited the Lee family while hurting minority shareholders.


[PREV] [1] ..[85][86][87][88][89][90][91][92][93].. [7617] [NEXT]
   Lawyer News Menu
All
Lawyer Blog News
Court Feed News
Business Law Info
Class Action News
Criminal Law Updates
Employment Law
U.S. Legal News
Legal Career News
Headline News
Law & Politics
Attorney Blogs
Lawyer News
Law Firm Press
Law Firm News
Attorneys News
Legal World News
2008 Metrolink Crash
   Lawyer News Video
   Recent Lawyer News Updates
Amazon workers strike at mul..
TikTok asks Supreme Court to..
Supreme Court rejects Wiscon..
US inflation ticked up last ..
Court seems reluctant to blo..
Harvey Weinstein hospitalize..
Romanian court orders a reco..
Illinois court orders pretri..
New Hampshire courts hear 2 ..
PA high court orders countie..
Tight US House races in Cali..
Election 2024 highlights: Re..
North Carolina Attorney Gene..
Republicans take Senate majo..
Au pair charged in double ho..
A man who threatened to kill..
Ford cuts 2024 earnings guid..
Kenya’s deputy president pl..
South Korean court acquits f..
Sean ‘Diddy’ Combs to stay..
   Lawyer & Law Firm Links
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Family Law in East Greenwich, RI
Divorce Lawyer - Erica S. Janton
www.jantonfamilylaw.com/about
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Legal Document Services in Los Angeles, CA
Best Legal Document Preparation
www.tllsg.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Family Lawyer Rockville Maryland
Divorce lawyer rockville
familylawyersmd.com
© Lawyer News - Law Firm News & Press Releases. All rights reserved.

Attorney News- Find the latest lawyer and law firm news and information. We provide information that surround the activities and careers in the legal industry. We promote legal services, law firms, attorneys as well as news in the legal industry. Review tips and up to date legal news. With up to date legal articles leading the way as a top resource for attorneys and legal practitioners. | Affordable Law Firm Website Design