On the 11th, the prosecutors and lawyers held a fierce court battle over the nature of the Samsung C&T-Cheil Industries merger that took place in 2015 in a criminal trial with Samsung Group vice chairman Lee Jae-yong.
The prosecution declared the merger as a work for Lee’s “illegal succession of management rights,” claiming that it had caused damage to shareholders of Samsung C&T, and the lawyers confronted that no company had suffered damage from the merger, but rather profited.
Part 25 of the Seoul Central District Court’s Criminal Agreement (Dr. Jeong-je Park and Deputy Judge Seong-soo Kwon) held the second trial preparation date of 10 Samsung officials and Vice-Chairman Lee, who were charged with fraudulent transactions under the Capital Market Act, market price control, and business negligence We confirmed the positions of both sides surrounding.
The prosecution explained the charges against Lee and others for about an hour using a pre-prepared presentation (PPT) file, and the lawyers refuted this and claimed innocence.
The prosecution said, “The succession preparation plan was already established in 2012, before and after the inauguration of Samsung Electronics’ vice chairman (by Lee’s). The merger between Everland (formerly Cheil Industries) and Samsung C&T was promoted according to the’Project G’established by the Future Strategy Office. “I said.
According to the prosecution, Project G is a succession plan of Vice-Chairman Lee, led by the U.S. Department of Defense, and contains the contents of consolidating the group’s dominance by overvaluing the value of Cheil Industries, which Lee owns a lot of shares, and by undervaluing the value of Samsung C&T.
The prosecution said that the value of Samsung C&T’s stock was undervalued during the merger with Cheil Industries. I did” insisted.’
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