Jaeyong Lee also attended… Somewhat thin due to the recent appendicitis surgery
Prosecutor’s Office “Jaeyong Lee leads subsidiary accounting and illegal merger”
Merged Cheil Industries and Samsung C&T in 2015
Lee Jae-yong becomes the largest shareholder and establishes the governance structure of the Samsung Group
Samsung Electronics Vice Chairman Lee Jae-yong, who is imprisoned for two years and six months in prison for bribery cases of Gukjeong Nongdan, came to court again after three months.
This time, he is being tried on charges of leading an unfair merger with subsidiary accounting for the succession of the Samsung Group’s management rights.
From the first trial, the prosecution and Vice Chairman Lee had a fierce nervous war.
Reporter Lim Seong-ho reports.
Vice Chairman Lee Jae-yong, who came back to court after three months, sat in the defendant’s seat wearing a suit and a white shirt.
It was a bit thinner because of the recent emergency surgery for appendicitis.
This first trial was to be held on the 25th of last month, but was delayed once due to the emergency surgery of Vice Chairman Lee.
First of all, the prosecutors who made a statement on the facts of the prosecution launched an offensive that Vice-Chairman Lee led an illegal merger with subsidiary accounting in order to secure a stake for the succession of the Samsung Group’s management rights in 2015.
Vice-Chairman Lee, who was the largest shareholder of Cheil Industries, became the largest shareholder of the’Integrated Samsung C&T’, which was created by the merger between Cheil Industries and Samsung C&T in September 2015, and established a governance structure leading to Samsung Life and Samsung Electronics.
At this time, the prosecution claims that Vice Chairman Lee inflicted losses by manipulating Samsung Biologics’ accounting, a subsidiary of Cheil Industries, to secure a favorable merger ratio, and deceived Samsung C&T shareholders through false disclosure.
Vice-president Lee, who followed up on the defense, refuted the prosecution’s allegations.
First of all, he argued that the merger was a normal management activity due to the need to reorganize the corporate governance structure and eliminate circular equity investments, and in fact, the management rights were stabilized and shareholders’ profits also increased.
In addition, regarding the suspicion of accounting for Samsung Biologics, he drew a line that the performance figures only changed as new accounting standards were applied that matched the valuation of Samsung Bio subsidiaries at the time.
Vice-president Lee also briefly replied that he could not admit to the judge’s question whether he would admit the prosecution.
[안정호 / 이재용 삼성전자 부회장 측 변호인 : (오늘 공판에 대해서 하실 말씀 있으신지…, 아까 증거 채택 부분 놓고….) ….]
After hearing both arguments, the court decided to first select 12 witnesses requested by the prosecution and continue the trial on the 6th of the following month.
The prosecution alleging guilty and Vice-Chairman Lee, who alleged not guilty, had a sharp war from the first trial, foreshadowing a fierce battle that will unfold in the future’Suspicion of illegal succession of management rights’.
This is YTN Seongho Lim.
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