South Korea’s Supreme Court has officially acquitted Samsung Electronics chairman Lee Jae-yong in the high-profile case involving the merger of Cheil Industries and Samsung C&T, Kursiv.media reported.
Prosecutors had sought a five-year prison sentence, accusing Lee of fraud, document falsification, breach of trust, and other offenses.
The case centered on events from 2015, when Lee was vice chairman of the board and effectively ran Samsung due to the illness of his father, Lee Kun-hee. He was officially appointed chairman in 2022.
Following the court’s decision, Samsung shares rose 0.6% at the start of trading. The company’s future outlook hinges on the recovery of its semiconductor business and progress in artificial intelligence technologies.
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