Topics
Latest
AI
Amazon
Image Credits:Brian Heater
Apps
Biotech & Health
mood
Image Credits:Brian Heater
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
fund-raise
contrivance
back
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
Social
Space
Startups
TikTok
conveyance
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
South Korean prosecuting officer attempt a five - year prison time and a 500 million KRW okay , equivalent to $ 375,000 , for Samsung Electronics top dog Jay Y. Lee at an appeals judicature on Monday . The appeals shell come 10 months after Lee and 13 former Samsung executives were originallyacquittedof manipulating stock prices and dedicate accountancy fraud in connection with the fusion of Samsung subsidiary company in 2015 , a merger that increased his control over the tech giant .
A decision on the appeals case is expected to be render sometime between January and February 2025 , according to a local media outlet .
The auditory modality is significant for two reasons . First , it derive amid a tough geological period for Samsung , the leading maker of retentiveness microprocessor chip , as the company navigatesslowing profits . secondly , it ’s a signal of how the land is slowly run to reform how corporates are structured , which will have a lot of ramifications not just for the global consumer electronics based out of the land , but also contender in Korea ’s engineering ecosystem more wide , include its startups .
The prosecutor said on Monday : “ The suspect damaged the capital mart ’s foundation for the radical ’s sequence … The ruling in this case will help as a reference period for restructuring chaebol company , [ which is a prominent , family - check business conglomerate in South Korea ] , and report in the future . ”
If the suspect are granted lenience , the merger will be carried out in a manner that prioritize their interestingness by resort to outlaw and expedient means without hesitation , the prosecuting officer added .
South Korean public prosecutor have been after Lee for years now . In November of last year , they called for Lee to be sentence to five yr in jailhouse and fin 500 million KRW ( the same postulation they made today ) over charges of violating the Capital Market Act come to to an $ 8 billion merger of Samsung affiliates in 2015 . They claimed that the uniting aid Lee in gain control of the Korean electronics company .
Lee rebut the wrongful conduct allegations during the November 2023 listening and asserted that the merger procedure was within the scope of standard operational procedures for the company .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
In September 2020 , Lee , then the vice electric chair of Samsung Electronics , along with other former Samsung executives were indicted for advocating the merging of Cheil Industries , Samsung ’s material affiliate , with Samsung C&T , its construction unit of measurement , to take over the tech giant ’s management controls in 2015 .
They were also accused of balloon the stemma cost of Cheil and Samsung C&T and fallacious accounting at Samsung Biologics , in which Cheil hold a significant stake , as part of the same case . The prosecution claimed that Samsung had a strategy to unify that help Lee solidify his control and take over management rights .
