South Korean court denies prosecutors’ arrest warrant request for Samsung heir Jay Lee – TipsClear

A South Korean court denied an arrest warrant request for JY Lee, the successor of the Samsung group, saying that although prosecutors had acquired “a substantial amount of evidence”, Lee’s detention was not enough. Prosecutors filed for a warrant last week, accusing Lee of fraud and stock manipulation.

Prosecutors allege that the value of electronics goods provider Cheil Industries was artificially inflated to create a more favorable rate for Samsung’s de facto holding company, Lee, before merging with Samsung C&T, which at the time Cheil Was the largest shareholder in

Lee served nearly a year in prison between 2017 and 2018 after being accused of bribing former President Park Geun-hye to secure support for the merger. The scandal eventually led to Park’s impeachment and 25 years in prison for bribery, abuse of power and embezzlement.

According to the Nikkei Asian Review, the Seoul Central District Court said in a statement, “It appears that prosecutors have acquired a significant amount of evidence through their investigation, but in explaining the validity of Lee’s detention Fell short. “

Prosecutors said the investigation would continue and they could reapply for an arrest warrant, or prosecute Lee without arrest. Lee’s lawyers said they would like the case to be reviewed by an outside panel to decide if the indictment was justified.

TipsClear has contacted Samsung for comment.

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