Samsung Electronics Chairman Jay Y. Lee has been in and out of prison over different charges, including an 18-month stint behind bars in 2021. One of the more significant charges against him allege market irregularities in the merger that saw the Lee family solidify their control over the Samsung conglomerate.
A court in verdict had acquitted Jay Y. Lee of the charges earlier this year but the prosecutors felt that the decision wasn't accurate. They'd announced the intention to appeal the verdict back in February, and they're now seeking to send him back to jail for 5 years.
12 other executives face similar charges
The final hearing of the case's retrial took place today and prosecutors have requested a jail term of 5 years and a fine of 500 million won, roughly $356,000, for Samsung Electronics Chairman Jay Y. Lee.
The prosecutors have stuck to their original arguments in the retrial, alleging that the head of South Korea's most important company rigged the company valuations and fabricated accounting records back in 2015 when Cheil Industries and Samsung C&T were merged.
12 other Samsung executives have been indicted on similar charges. The prosecutors maintain that these actions were meant to solidify the Lee family's control over the empire. They've urged the court to reconsider the acquittal granted to Lee, pointing out that a decision in this case would set a major precedent on future rulings on group restructuring and accounting management for chaebols, a term for South Korea's family-owned conglomerates.
Around 2,300 new pieces of evidence have reportedly been submitted in the retrial to strengthen the prosecution's case. It remains to be seen what the court ultimately decides. A decision is likely to come over the next few months.
