South Korean Prosecutor's Office Demands 5 Years In Prison For Samsung CEO
Date
11/26/2024 12:28:04 AM
(MENAFN- AzerNews)
By Alimat Aliyeva
In the South Korean Court of Appeal, prosecutors are seeking
punishment for Samsung Electronics President Lee Jae-yong on
charges of stock manipulation and fraud related to the merger of
subsidiaries, Azernews reports.
The South Korean prosecutor's office has requested a five-year
prison sentence for Lee Jae-yong as part of the appeal in the
controversial case surrounding the merger of Samsung affiliates.
According to the prosecution, the merger helped solidify Lee's
control over the corporation, and they argue that it was
orchestrated through illegal means, including stock price
manipulation.
In February, the Seoul Central District Court acquitted Lee
Jae-yong of charges of accounting fraud and stock manipulation, but
the prosecutor's office filed an appeal, asserting that the initial
ruling was flawed. Prosecutors argue that Lee's actions harmed
shareholders, undermined corporate transparency, and violated South
Korea's corporate governance laws.
It is also worth noting that Lee Jae-yong has faced multiple
legal challenges over the years. He was previously convicted in a
major corruption scandal involving former President Park Geun-hye
and was sentenced to prison in 2017. However, in 2022, Lee received
a special presidential pardon, which allowed him to return to his
leadership role at Samsung Electronics, one of the largest and most
influential companies in the world.
The outcome of this appeal could have significant ramifications
not only for Lee's future but also for the broader South Korean
corporate landscape, which has been grappling with issues of
transparency, governance, and the concentration of power within
family-run conglomerates known as chaebols. The case has also
attracted international attention, as Samsung is a key player in
global markets, particularly in the semiconductor, electronics, and
telecommunications sectors. The decision could have wider
implications for corporate governance practices and legal
accountability in South Korea's corporate world.
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