Samsung Electronics Chairman Lee Jae-yong has been imprisoned twice in the last decade. However, he was pardoned and released from prison before the end of his prison sentence. Now, he faces the same old charges once again, and this time the prosecution sought a five-year prison sentence for Lee.
The state prosecutor’s office has requested a five-year prison sentence for Samsung boss Lee Jae-yong in connection with the controversial merger of Cheil Industries and Samsung C&T. He is also accused of breach of duty during the merger. In 2015, three shares of Samsung C&T were offered for one share of Cheil Industries, and the merger of these companies allowed Lee Jae-yong to own a 23.2% stake in Cheil Industries.
Prosecutors allege that the devaluation of Samsung C&T shares caused losses to other shareholders and that Lee was behind the stock price manipulation. Lee is also suspected of accounting fraud at Samsung Biologics, a subsidiary of Cheil Industries.
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