Samsung's de facto leader, Lee Jae-yong, has been exonerated of fraud charges by South Korea's highest court, concluding a protracted legal dispute that has lasted several years. The Supreme Court in Seoul upheld a not guilty verdict regarding allegations that he had engaged in stock and accounting fraud to consolidate control over the company.
Lee, who is the grandson of Samsung's founder and assumed leadership of the tech giant in 2014, faced accusations tied to a controversial merger deal in 2015, which prosecutors argued was orchestrated to facilitate a shift in control from his father, Lee Kun-hee, who suffered a heart attack in 2014 and passed away in 2020.
In a statement following the verdict, Samsung's legal representatives expressed gratitude, saying, "Today, the Supreme Court has clearly confirmed through its final ruling that the merger of Samsung C&T and the accounting treatment of Samsung Biologics were lawful," emphasizing the thorough nature of the five-year legal process.
Lee's legal troubles began in 2017 when he was arrested on bribery charges allegedly aimed at securing governmental support for the merger between two Samsung subsidiaries. His legal battles included multiple court rulings, including a previous acquittal in 2024 by a district court concerning the $8 billion merger case. Amid these controversies, he also received a special presidential pardon that shortened a jail term, driven by the argument that his leadership was crucial for South Korea's economic recovery amid the challenges posed by the Covid-19 pandemic.
Throughout his legal ordeal, Samsung has faced heightened competition and challenges related to its market performance, resulting in increased strain on the company that dominates South Korea's industrial landscape.
