Investing.com -- Samsung Electronics Co (F:SAMEq). Executive Chairman, Jay Y. Lee, has been cleared of fraud and stock-rigging charges by the Seoul High Court, freeing him to concentrate on revitalizing the company’s struggling electronics business.
The court upheld a previous decision that acquitted Lee, against which prosecutors had appealed last November.
The initial ruling was based on the prosecution’s inability to conclusively prove that either Samsung (KS:005930) or Lee misled shareholders. This latest court decision is a significant win for Samsung, as it diminishes much of the uncertainty that was shadowing the billionaire successor of the world’s largest electronics conglomerate.
While the prosecution has the option to challenge the recent decision at the Supreme Court, legal professionals consider such an attempt unlikely to succeed. This is because the nation’s highest court will not entertain new arguments.
Kim You Jin, a lawyer representing Samsung, expressed relief at the conclusion of the lengthy investigation and trial. In a statement, he said, “We hope that with this verdict, the defendants can now focus on their work.”
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