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Seoul court delays ruling on Samsung chief in 2015 merger case

January 22, 2024

A Seoul district court has postponed its decision on Samsung Electronics Co. Chairman Lee Jae-yong in a case involving a controversial merger of two Samsung affiliates where, if convicted as indicted, the Samsung chief may face a five-year prison term.

The Seoul Central District Court was originally set to make its final decision Friday, but has pushed back its final trial date to Feb. 5, according to informed sources.

The delay reportedly comes as both Lee and the prosecution submitted additional materials, including written opinions, after the hearing process concluded late last year.

Lee is charged with stock price rigging, accounting fraud and other irregularities associated with the controversial 2015 merger of Cheil Industries Inc. and Samsung C&T Corp., which was seen as crucial to Lee’s taking control of Samsung Group.

The Samsung chief has denied the charges, insisting that the 2015 merger was rather aimed at enhancing the competitiveness of the two affiliates.

The prosecution demanded a five-year prison sentence, along with a 500 million won (US$373,000) fine for Lee in November.

The file photo, taken Aug. 25, 2023, shows Samsung Electronics Co. Chairman Lee Jae-yong arriving at the Seoul Central District Court to attend a hearing over his alleged involvement in accounting fraud and stock manipulation during a merger of two Samsung affiliates. (Yonhap)
The file photo, taken Aug. 25, 2023, shows Samsung Electronics Co. Chairman Lee Jae-yong arriving at the Seoul Central District Court to attend a hearing over his alleged involvement in accounting fraud and stock manipulation during a merger of two Samsung affiliates. (Yonhap)