South Korean prosecutors indicted Samsung Group's Jay Y. Lee on Tuesday on allegations of accounting fraud and stock price manipulation pertaining ...
SEOUL: South Korean prosecutors indicted the heir to the Samsung empire Tuesday over a controversial merger of two business units seen as a key step towards his succession, in the latest legal blow to the sprawling conglomerate.
The businessman was not detained, but the charges are likely to prove a distraction as his firm seeks to navigate the effects of the coronavirus pandemic.Samsung Electronics is the flagship subsidiary of the group, which was founded by Lee's grandfather and has grown to become by far the biggest of the family-controlled conglomerates, or chaebols, that dominate business in the world's 12th-largest economy.
But the South's economy shrank 3.2 per cent year-on-year in the same period, according to a revised estimate by the central Bank of Korea on Tuesday. "Our technology and products are being hailed as first-class but the public gaze towards Samsung still remains harsh," he said, bowing to the cameras."This is my fault. I apologise."The US$8 billion merger of affiliates Samsung C&T Corp and Cheil Industries in 2015 was seen as key to Lee increasing control of the sprawling group, even as critics said it rode roughshod over the interests of minority investors.
Lee's lawyers said that prosecutors' move"to flout the independent panel's decision and belatedly add a breach of trust allegation suggests prosecutors conducted the investigation with the goal of prosecuting Samsung Group and Lee Jae-yong from the beginning, rather than seek objective truth based on evidence."
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