Top court acquits Samsung Chairman Lee Jae-yong of all charges in 2015 merger case

The Supreme Court acquitted Samsung Electronics Chairman Lee Jae-yong of all charges related to the 2015 merger of two Samsung affiliates.

Samsung Electronics Chairman Lee Jae-yong at a presidential luncheon held on June 13 in central Seoul [JOINT PRESS CORPS]

The Supreme Court acquitted Samsung Electronics Chairman Lee Jae-yong of all charges related to the 2015 merger of two Samsung affiliates.

The sentencing hearing began at the Supreme Court at 11:15 a.m. in southern Seoul on Thursday.

Lee was indicted in September 2020 on charges of stock price rigging, breach of duty and accounting fraud in the course of the 2015 merger of two Samsung affiliates — Cheil Industries and Samsung C&T.

During the merger, three Samsung C&T shares were offered for one Cheil share, allegedly tightening Lee's control over Samsung C&T, the de facto holding company of Samsung Group, through his 23.2 percent stake in Cheil.

Prosecutors suspected that Samsung had manipulated the stock market to inflate the price of Cheil and drive down Samsung C&T through various unfair practices, including disseminating false market information and lobbying the National Pension Service, a major Samsung C&T shareholder, to support the merger.

The two lower courts had acquitted Lee on all charges. Prosecutors appealed in February.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]