Jun 9, 2020

Samsung: Court rejects Lee Jae-yong arrest warrant request

A court in Seoul has denied an arrest warrant request for Samsung heir Lee Jae-yong, after prosecutors accused him of accounting fraud and stock manipulation. Last week state prosecutors asked the court to issue an arrest warrant against Mr Lee related to their probe into accounting fraud and the controversial merger of two Samsung businesses, Samsung C&T and Cheil Industries, in 2015. The 51-year-old, also known as Jay Y Lee, is the son of Lee Kun-hee, chairman of Samsung Group, South Korea's largest conglomerate. He became a Samsung president in 2009 and in 2013 was made vice-chairman of Samsung Electronics, the division which makes devices including smartphones, televisions, cameras and hard drives. More specifically, the favours were alleged to include backing for a controversial Samsung merger which paved the way for Mr Lee to become the head of the conglomerate, a deal that needed support from South Korea's government-run national pension fund.

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