Samsung chairman acquitted in merger case

Jay Y. Lee, the chairman of Samsung Electronics, was acquitted on Monday in a case involving irregularities during the 2015 merger of two subsidiaries. Prosecutors sought a five-year prison term, but Lee, who had denied the charges, was ruled not guilty in a surprise verdict that may be appealed. Lee and other executives were accused of ignoring minority shareholders’ interests in merging Cheil Industries with Samsung C&T. The Lee family owned Cheil but not Samsung C&T, which held significant shares in Samsung Electronics. Despite controversies, conglomerates like Samsung play a vital economic role in South Korea. Lee, owning 20.7% of Samsung Electronics as of end September last year, won’t return to prison for now. He had previously served 18 months of a 30-month sentence for bribing ex-President Park Geun-hye before being pardoned in 2022 amid an economic crisis.