South Korea's top court clears Samsung Chairman Lee in 2015 merger fraud case
The Supreme Court's verdict permanently removes a long-running legal distraction for Mr Lee as Samsung plays catch-up in a global race to develop cutting-edge AI chips.
SEOUL - South Korea's top court upheld on July 17 a not-guilty verdict for Samsung Electronics chairman Lee Jae-yong, backing two lower court rulings clearing him of accounting fraud and stock manipulation related to an US$8 billion (S$10.3 billion) merger in 2015.
The Supreme Court's verdict permanently removes a long-running legal distraction for Mr Lee as Samsung plays catch-up in a global race to develop cutting-edge AI chips.
The Supreme Court upheld an appeals court's ruling dismissing all the charges in the case involving the merger a decade ago between two Samsung affiliates, Samsung C&T and Cheil Industries, which prosecutors said was designed to cement Mr Lee's control of the tech giant.
A lower court in 2024 had also cleared Mr Lee of the charges.
Samsung's lawyers said they were 'sincerely grateful' to the court for its decision and added in a statement that the ruling confirmed that the merger was legal.
Samsung Electronics shares were little changed after the ruling, up 1.7 per cent.
The Supreme Court ruling was widely expected, but comes at a critical moment for Mr Lee, who has faced mounting questions about his ability to lead Samsung Electronics - the world's top memory chip and smartphone maker - as it grapples with growing competition and playing catch-up in artificial intelligence chips.
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For nearly a decade, Mr Lee has faced legal challenges, including those from the merger that paved the way for his succession after his father Lee Kun-hee, had a heart attack in 2014 that left him in a coma. REUTERS
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