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Samsung chief Lee Jae-yong is acquitted of financial crimes by South Korean court

  • Samsung Electronics Chairman Lee Jae-yong has been acquitted by a South Korean court of financial crimes related to a 2015 merger that increased his control over the company.
  • Prosecutors had sought a five-year jail term for Lee, accusing him of stock price manipulation and accounting fraud, but failed to prove their case. Lee maintained that the merger was "normal business activity."
  • Lee had previously served 18 months in prison for separate bribery charges related to the 2015 deal, but was released on parole in 2021 and pardoned by South Korean President Yoon Suk Yeol in August 2022.
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Lee Jae-yong, the chairman of Samsung Electronics, was acquitted by a Seoul court on Monday in a lawsuit accusing him of accounting fraud and stock market manipulation, a case that has hovered over the South Korean conglomerate since 2015, Reuters reports.

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Winnipeg Free Press broke the news in Winnipeg, Canada on Monday, February 5, 2024.
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