South Korea’s top court has cleared Lee Jae-yong, the grandson of Samsung’s founder and current de facto head of the company, of all fraud charges related to a 2015 merger deal. This marks the end of a five-year legal battle over his role in the deal.
Lee was accused of using stock and accounting fraud to gain control of the firm. However, the Supreme Court upheld a not guilty verdict after Lee was acquitted in two earlier trials. Prosecutors had argued that he inflated the value of his pharmaceutical firm, Samsung Biologics, through fraudulent accounting, which allowed him to secure his succession.
The court’s decision comes as Samsung faces intensifying competition and declining sales. The company has struggled with US President Donald Trump’s tariffs on its products. However, the business community welcomed the ruling, saying it will allow swift decisions at the top of Samsung, helping the economy navigate trade turmoil with the US.
Source: https://www.bbc.com/news/articles/ckgj04nw19zo