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Samsung Electronics Chairman Jay Y. Lee faces a key ruling from a Seoul appeals court today over a 2015 merger prosecutors allege was designed to solidify his control at the expense of minority shareholders. The decision, expected at 2 p.m. local time, could impact Lee’s leadership at the global tech giant.
A lower court had cleared Lee of all charges, including stock manipulation and accounting fraud linked to the $8 billion merger of Samsung C&T and Cheil Industries. Prosecutors, however, appealed, seeking a five-year sentence, citing a separate ruling that found Samsung BioLogics, a Cheil affiliate, had overstated its assets to justify the deal.
Lee, denying any wrongdoing, told the court in November, “I never intended to deceive or harm investors.” The lower court found the merger had a “rational business purpose,” benefiting Samsung C&T shareholders. If either side appeals today’s ruling, the case could reach South Korea’s Supreme Court.
For nearly a decade, Lee has faced legal battles over the succession plan initiated after his father, Lee Kun-hee, suffered a heart attack in 2014. He previously served 18 months in prison for bribery in a scandal that led to the impeachment of former President Park Geun-hye. In 2022, he was pardoned by then-President Yoon Suk Yeol, citing economic concerns.
The controversial merger sparked investor backlash, including from Elliott Management. In 2023, South Korea was ordered to pay Elliott $108.5 million over the national pension fund’s role in approving the merger. Meanwhile, Samsung Electronics faces growing competition, with SK Hynix surpassing it in AI chip sales, raising concerns about its market position amid the AI boom.
