Sep 1, 2020

Lee Jae-yong: Samsung heir indicted for fraud in 2015 merger

Samsung heir Lee Jae-yong will face charges of stock and accounting fraud to gain control of the Samsung Group. South Korean prosecutors on Tuesday indicted Lee over alleged irregularities in the controversial merger of two Samsung units in 2015. Lee faced prosecutors in 2017 in a case that relates to an alleged role in a political and business scandal that rocked South Korea, including the resignation and conviction of former President Park Geun-hye. More specifically, the favours were alleged to include backing for a controversial Samsung merger which paved the way for Lee to become the head of the conglomerate, a deal that needed support from South Korea's government-run national pension fund. Also known as Jay Y Lee, he is the son of Lee Kun-hee, chairman of Samsung Group, South Korea's largest conglomerate.

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