A South Korean appeals court upheld the acquittal of Samsung's Jay Y. Lee, dismissing prosecution claims of accounting fraud and stock manipulation linked to a controversial merger from 2015. Lee faced 19 charges related to financial misconduct during this merger, said to have aimed at consolidating his control over Samsung. The court's decision follows a previous acquittal in 2022 and ends a seven-year legal struggle for Lee connected to ongoing corporate governance issues.
It is difficult to say the merger was carried out without the two companies' consent, as it was decided under the companies' standard operational procedures.
The ruling comes one year after a South Korean lower court acquitted Lee of wrongdoing and nearly four years and five months after Lee was indicted in September 2020.
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