Samsung boss cleared of fraud by South Korea's top court

Lee Jae-yong, the leader of Samsung and the grandson of its founder, has been found not guilty of fraud by South Korea's Supreme Court. This decision ends a long legal battle that started after a 2015 merger between two Samsung companies. Lee was accused of using dishonest methods, like stock and accounting fraud, to gain more control over Samsung. The court's final decision confirmed that Lee did not break the law, and this was the third time he was cleared of these charges.

The case was closely watched because Samsung is one of the most important companies in South Korea. The country has had many scandals involving big family-owned businesses, called chaebols. Prosecutors said Lee and his team made Samsung Biologics, a pharmaceutical company, look more valuable than it really was. They claimed this helped Lee buy more shares in another Samsung company during the 2015 merger, making it easier for him to take over after his father, Lee Kun-hee, became ill and later died. Lee was also accused of bribing an advisor to the former president to help him become the boss of Samsung. He was arrested in 2017 and spent some time in jail, but was released early because the government thought he was needed to help the country recover from the Covid-19 pandemic.

In 2024, a district court said Lee was not guilty, and this decision was confirmed by higher courts. The legal problems have made things harder for Samsung, which has been facing tough competition from other technology companies. Samsung Electronics, which makes smartphones and computer chips, has seen its sales go down in recent years. Lee admitted that Samsung is facing big challenges, but he promised to work hard to solve them. The business community in South Korea welcomed the court's decision, saying it would help Samsung make quick decisions and help the country's economy, especially as it deals with trade issues with the United States.