South Korea prosecutors seek jail for Samsung boss on fraud and stock manipulation charges
SEOUL — South Korean prosecutors sought on Friday (Nov 17) a five-year prison term for the peak pooches of Samsung Electronic equipments Jay Y. Lee over penalties of audit rip-off and inventory price adjustment entailing an US$8 billion (S$10.8 billion) merging of Samsung affiliates in 2015.
Lee has disregarded any misdeed. The hearing is the final lesser court enclosure session in yesteryear a judgment, which is predicted within months, finishing a test that has lasted 3 years.
The sheath is the last against Lee, that was absolved for an previously, seated unconcerned sentence and cemented last year his leadership position of Samsung as exec chairman.
During Friday’s hearing, prosecutors alerted the Seoul Central Expanse Courtroom that Lee, 55, and unlike other former executives possessed exceeded the Capital Areas Mien to gain imaginable the 2015 merging that directed Lee believe greater manipulate of the team’s flagship Samsung Electronic equipments.
Prosecutors allege the executives’ participation in the merging of team affiliates Samsung C&T and Cheil Areas involved inventory price adjustment and unlike other misbehaviors that directed them gain at the expenditure of minority capitalists.
“The defendants screwed up the substructure of the resources sector to allay the leader’s sequence,” the prosecution claimed.
“They abused the authority provided by the issuer and investors for the grand rate of focus of the team leader and abused excessive inequality of niceties.”
Lee and the executives have disregarded misdeed, saying the merging and audit proceedings that prosecutors have snagged priority through were part of average security activities. The defendants’ final debates will conceivably be heard later on on Friday.
Lee took part in the hearing on Friday. A miniscule team of supporters chanted his name outward the court enclosure throughout a sabbaticals, while detractors shrieked angrily at him.
Analysts claimed counting on the judgment, Lee will conceivably position it less complicated or added arduous to kind the future of Samsung Electronic equipments and its affiliates. An pardon would conceivably enact on him added space to kind for meaningful critical resolutions, particularly in mergings and acquisitions.
Lee was previously convicted of bribing former South Korean Head of insurance claim Park Geun-hye and took part in prison for a uncondensed of 18 months from 2017 to 2021. He was subsequently paroled in 2021 and absolved in 2022.
