Samsung Vice President Lee Jae-Yong was charged with accounting fraud and stock manipulation last month. This week, a trial will begin for his role in the high-profile succession case. It is being reported that the Seoul Central District Court will hold a session on Thursday to hear views from Lee and the prosecution team.
The court session on Thursday is aimed to enhance the efficiency of the trial. Lee was charged with a violation of capital market laws in a merger of Cheil Industries and Samsung C&T. He was also allegedly involved in accounting fraud at the company's pharmaceutical unit, Samsung Biologics. The filing of the charges came two months after the independent panel's recommendation not to do so, citing difficulties in substantiating some prosecution claims.
The prosecution team reportedly says that a judicial judgment is necessary in the case, given “the clear-cut facts supported by evidence, the gravity of the case, and the need to resolve the public's suspicions surrounding the case.” Given the great public interest in the trial, many spectators are expected to be in the court on Thursday. However, the defendant is not required to be physically present, so Lee is not expected to attend the session.
It is alleged that Lee was involved in a scheme to unlawfully merge Cheil Industries and Samsung C&T to take over the control of Samsung Electronics, one of the world's biggest conglomerate, from his ailing father, Lee Kun-Hee. Samsung chairman Lee Kun-Hee is bedridden since he suffered from a heart attack in 2014. Lee Jae-Yong has consistently been denying any wrongdoing.
Lee has already spent a year in prison after he was charged and arrested in a case that involved him bribing Choi Soon-Sil, a friend of South Korean ex-President Park Geun-Hye. Now, Samsung heir will go through yet another phase of tough trials, and the coming months could be tense for Samsung.
