Samsung Electronics Chairman Jay Y. Lee has been cleared of accounting fraud and stock manipulation by South Korea’s supreme court permanently removing a long-running legal risk for the head of the country’s biggest company.
The Court dismissed all charges in the case involving an $8 billion merger in 2015 between two Samsung affiliates, Samsung C&T and Cheil Industries, which prosecutors said was designed to cement Lee’s control of the tech giant.
The Supreme Court verdict was widely expected, but comes at a critical moment for Lee, who has faced mounting questions about his ability to lead Samsung Electronics.
Following the acquittal of its chairman, Samsung is expected to aggressively pursue growth opportunities, especially in artificial intelligence and advanced semiconductors.
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