South Korean Prosecutor Indictment Samsung Electronics Vice Chairman at Home Manipulate Stock Price or September 1 18:22
South Korean prosecutors have charged Lee Jae-yong, vice chairman of Samsung Electronics, the de facto head of the Samsung Group, at home on charges including violating the Capital Markets Act for illegally operating stock prices in the merger of group companies in an order to favor the succession of management rights from his father.
This was revealed by South Korean prosecutors at a press conference one afternoon.
As a result, Lee Jae-young, the de facto head of the Samsung Group and vice-chairman of Samsung Electronics, was indicted at home in 2015 on charges including violation of the Capital Markets Act and disobeyment for fraudulently manipulation of the stock prices of the company that was the largest shareholder in the merger of the Group companies in an order to favor the succession of management rights from his father.
In June, prosecutors requested an arrest warrant for Vice President Lee, but the court rejected it as “a lack of explanation of the need to be detained,” and an expert investigation committee recommended that he not be prosecuted.
In this situation, prosecutors explained why they decided to prosecute at home that “the case is serious and the judgment of the judiciary needs to be fueled.”
Vice President Lee was arrested and indicted in 2017 for handing over bribes to the President and his acquaintances in exchange for support for the succession of management rights under the previous Park Kun-e government, and has been sentenced to a suspended sentence in two trials in 2018.
The indictment of Vice Chairman Lee on another allegation could affect the management of the Samsung Group.
Advocates “clarify the unfairness of the indictment”
On the indictment of Samsung Electronics Vice President Lee Jae-young at home, the lawyers fired back, saying it was “a one-sided claim by the prosecution that is not based on evidence and law, and is not true at all.”
He also criticizes that “rather than approaching the truth through evidence, we have no choice but to proceed with the investigation with the goal of prosecuting Samsung Group and Vice Chairman Lee from the beginning.”
On top of that, he said, “Not only is it unconvincing, but it’s even a sorry thing. The defendants will face the trial in good faith and clarify the unfairness of the prosecution’s prosecution in court one by one.”