SEOUL - South Korean prosecutors indicted the Samsung Group’s Jay Y. Lee on Tuesday on suspicion of accounting fraud and stock price manipulation in connection with a 2015 merger, dealing a new blow to the head of one of Asia’s most valuable companies.
But the court said prosecutors seemed to have secured a considerable amount of evidence and it was appropriate to send the case to trial. “We took into account the gravity of the issue, which disturbed the order of the capital market,” said Lee Bok-hyun, senior prosecutor at the Seoul Central District Prosecutors’ Office.Jay Y Lee’s attorneys denied the allegations in a statement, calling the indictment unjust, but said the defendants would “conscientiously participate” in a trial.
Lee’s lawyers said the prosecutors decision to “flout the independent panel’s decision and belatedly add a breach of trust allegation suggests prosecutors conducted the investigation with the goal of prosecuting Samsung Group and Lee Jae-yong from the beginning, rather than seek objective truth based on evidence.”
Lee, vice-chairman of Samsung Electronics which has a market value of $311 billion, was jailed for about a year, until his release in February 2018, for his role in a bribery scandal.
Source: News Formal (newsformal.com)
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