Synopsis
The prosecution in South Korea has called for a panel of experts to evaluate the possibility of appealing the acquittal of Samsung Chairman Lee Jae-yong regarding a 2015 merger case. This follows the Seoul High Court's reaffirmation of Lee's not-guilty verdict on multiple charges including accounting fraud and stock price manipulation.Key Takeaways
- Prosecution requests expert panel review.
- Lee Jae-yong acquitted in 2015 merger case.
- Seoul High Court upheld not-guilty verdict.
- Charges included stock price manipulation.
- Panel meeting scheduled for deliberation.
Seoul, Feb 6 (NationPress) The prosecution has formally sought a panel of external experts to assess whether to challenge the recent acquittal of Samsung Electronics Chairman Lee Jae-yong concerning a 2015 merger case, according to judiciary sources on Thursday.
The Seoul High Court upheld Lee's acquittal in relation to accounting fraud and other irregularities linked to the contentious merger between two Samsung affiliates — Cheil Industries and Samsung C&T, as reported by Yonhap news agency.
The appellate court affirmed the not-guilty verdict for Lee, who faced charges of involvement in stock price manipulation, accounting fraud, and other misconduct during the merger, which prosecutors believe was orchestrated to gain control of South Korea's largest conglomerate at a reduced cost.
A team from the Seoul Central District Prosecutors Office has requested a review from an independent investigation committee regarding the potential appeal to the Supreme Court, according to sources.
The panel, comprising five or more experts, is scheduled to convene privately on Friday to deliberate on the matter.
Following the panel's recommendation, the prosecution is anticipated to make a decision on whether to appeal by Monday.
The prosecution is required to seek such deliberation if all allegations against a defendant are found not guilty in lower courts. While it is recommended to heed the panel's advice, there is no obligation to follow it.
On Monday, the Seoul High Court reaffirmed the not-guilty ruling for Lee, who was indicted on charges concerning stock price manipulation, accounting fraud, and additional irregularities during the merger of Cheil Industries and Samsung C&T, suspected by prosecutors to be a strategy to secure control of South Korea's leading conglomerate at a lesser expense.
This merger was pivotal for Lee's succession as the heir of the family-run conglomerate, following his father Lee Kun-hee's heart attack the previous year. A lower court had previously cleared Lee of all 19 charges in February, concluding that no illegalities were present in the succession process.
