South Korean prosecutors seek 5-year prison sentence for Samsung boss Lee

Asian Tech Press (Nov 17) -- South Korean prosecutors have sought a five-year prison sentence and a 500 million won fine for Samsung Electronics Chairman Lee Jae-yong for alleged accounting fraud and market manipulation, KBS World reported.

The Seoul Central District Court on Friday held the last hearing before the first trial verdict for 14 people, including Lee and Choi Gee-sung, the former head of Samsung Group's Future Strategy Office, the report said.

In 2015, Lee and Samsung executives allegedly manipulated stock prices and carried out other wrongdoings to help consolidate his control over Samsung Electronics in the merger of Samsung Group subsidiaries Samsung C&T and Cheil Industries.

The prosecution pointed out that Samsung destroyed the foundation of the capital market because of the chairman alone, and that Lee was the final decision maker and the actual beneficiary.

However, Lee and Samsung executives argued for innocence, claiming that all were reasonable business practices.

The Korean court have been hearing the case since 2020, three years ago, and would make a final ruling early next year.

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