檢, ‘Samsung unfair merger suspicion’ Lee Jae-yong jailed for 5 years, fined 500 million won.
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Prosecutors have sentenced Samsung Electronics Chairman Lee Jae-yong to five years in prison in connection with the “Samsung C&T and Cheil Industries Unfair Merger Suspicions.”
At the trial held on the 17th at the Seoul Central District Court’s Criminal Agreement 25-2 Division (Chief Judge Park Jeong-je, Judges Ji Gwi-yeon and Park Jeong-gil), the prosecution requested a five-year prison sentence and a fine of 500 million won for Chairman Lee and 14 others on charges of violating the Capital Market and Financial Investment Act.
The prosecution pointed out, “Our society has already witnessed Samsung’s tax-free transfer of management rights through the Everland convertible bond incident and others,” and stated, “Samsung has once again attempted and succeeded in a free transfer of management rights in this case.”
Furthermore, they stated, “The structure where the controlling shareholders of a business group can pursue personal interests is the main factor that exacerbates the Korea Discount and undermines national competitiveness,” and expressed, “The paradoxical situation that has been shattered by Samsung, the number one company, has occurred despite the continuous efforts of our society to resolve it.”
Chairman Lee was indicted in September 2020 on charges of accounting fraud and insider trading during the process of promoting the merger of Samsung C&T and Cheil Industries through Samsung Future Strategy Office for the purpose of transferring management rights.
The prosecution believes that Samsung intentionally inflated the value of Cheil Industries and deliberately lowered the value of Samsung C&T in order to increase Chairman Lee’s group control.
Reporter Heo Kyung-jun kjune@asiae.co.kr
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