&w=3840&q=100)
Samsung billionaire Lee's legal battle ends, cleared of all charges
Bloomberg
By Yoolim Lee
Samsung Electronics Co. Executive Chairman Jay Y. Lee was cleared of all charges related to accounting fraud and stock manipulation by South Korea's Supreme Court, marking a major legal victory for the billionaire head of the world's largest electronics empire.
The top court on Thursday upheld a Seoul High Court ruling that acquitted Lee and other Samsung officials of all 19 charges stemming from the 2015 merger of Samsung C&T Corp. and Cheil Industries Inc. Prosecutors alleged the deal helped Lee cement his control over the conglomerate.
The decision ends a years-long legal saga that had cast a shadow over the leadership of South Korea's biggest conglomerate. It will also allow the company to focus on revitalizing its business and try to reclaim its position as a leading supplier of the advanced chips driving the artificial revolution just as US President Donald Trump has threatened to impose crippling duties on chip exports.
South Korean prosecutors in 2023 sought a five-year prison sentence along with a 500 million won ($362,000) fine for Lee. However, a Seoul district court in February 2024 ruled in Lee's favor. A year later, the Seoul High Court dismissed the prosecution's appeal and upheld the lower court's decision, clearing Lee of all charges.
The case had been ongoing since 2020.
Samsung Group shares rose Thursday following the verdict. Samsung Electronics shares rose as much as 2.3 per cent while Samsung Biologics Co. Ltd shares jumped as much as 3.1 per cent.
'Today's final ruling by the Supreme Court has clearly confirmed that the merger of Samsung C&T and the accounting treatment of Samsung Biologics were lawful,' Samsung's legal counsel said in a statement.
The acquittal lifts a weight off the world's largest maker of memory chips and displays, which has been battling intense competition. Domestic rival SK Hynix Inc. has stolen a march over Samsung in the race to supply cutting edge chips for the development of AI.
Korea has expressed deep concerns over Washington's proposal to levy import duties on semiconductors, with Trade Minister Yeo Han-koo warning this week that such duties could deal a significant blow to one of the nation's key export industries.
Lee, 57, was embroiled for years in legal struggles that rocked the tech establishment and triggered a political scandal that led to the impeachment of former President Park Geun-hye. But Lee secured a presidential pardon in 2022 from the graft charges, allowing him to formally take the helm of the conglomerate that his grandfather created in 1938.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
14 minutes ago
- Hindustan Times
Samsung Galaxy S26 Ultra 5G design leaked, could be our first real glimpse
Samsung Galaxy S26 Ultra 5G launch is about 6 months away, and a realistic-looking smartphone design has just surfaced, giving us an early glimpse of the potential design. The smartphone is already hyped as leaks and rumours about its upgrades are circulating, but as we get a first glimpse, the Galaxy S26 Ultra 5G looks like it's shaping out expectations for next year's flagship. Samsung Galaxy S26 Ultra 5G is expected to come with a new camera module design to store enhanced camera lenses.(Ice Universe) Coming to the Galaxy S26 Ultra 5G design, we could notice a few potential changes, such as three grouped camera lenses, similar to the Galaxy Z Fold 7. The smartphone frame is also looking slightly thicker than usual, but the overall thickness and weight are expected to be reduced in comparison to the current model. Therefore, let's have a closer look at what the Galaxy S26 Ultra 5G could look like during the launch. Also read: Samsung Galaxy Z Fold 7, Flip 7 FE, and Watch 8: Here's everything announced at Galaxy Unpacked July event Samsung Galaxy S26 Ultra 5G design Tipster who goes by the name Ice Universe shared a fan-made design render of the Samsung Galaxy S26 Ultra 5G model, claiming that it could potentially be the real design. While the tipster showed uncertainty about the final design, the previous leaks have hinted towards a similar-looking design. As of now, the Galaxy S25 Ultra 5G do not come with a separate camera module or bump, which makes the device slightly thicker. However, this could likely change with the new generation model. Also read: Samsung Galaxy S25 FE may not be as powerful as we expected it to be, this may be the reason Reportedly, Samsung Galaxy S26 Ultra 5G could launch with an even slimmer design than its predecessor. Whereas, it is reported to bring larger apertures for its 5x telephoto lens for more light to enter the lens, requiring more space; hence, the next year's Ultra model could feature a camera module that could measure around 3mm in thickness. Furthermore, the camera module may look very similar to the Galaxy Z Fold 7 grouped lenses, housing a main, ultrawide, and a 5x telephoto lens. Therefore, Samsung is expected to retain a slimmer build without compromising on crucial features. The camera bump will also allow the company to bring enhancements to camera performance, despite losing a few millimetres on the overall design. Well, the final design is yet to be confirmed, but the fan-made design render looks quite promising with the expected upgrades and design changes. Now, we simply have to wait a few more months to know what the real Samsung Galaxy S26 Ultra 5G would look like.
Indian Express
14 minutes ago
- Indian Express
Musk says Tesla, Samsung Electronics sign $16.5 billion chip supply deal
Tesla CEO Elon Musk said the U.S. automaker had signed a $16.5 billion deal to source chips from Samsung Electronics, a move expected to bolster the South Korean tech giant's loss-making contract manufacturing business. Samsung shares rose more than 4% after the news. 'Samsung's giant new Texas fab will be dedicated to making Tesla's next-generation AI6 chip. The strategic importance of this is hard to overstate,' Musk said in a post on X on Monday. If Musk was referring to Samsung's upcoming Taylor, Texas, plant, the deal could revive the project that has faced delays amid Samsung's struggles to retain and win major customers. 'Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress. And the fab is conveniently located not far from my house,' Musk said on his social media platform. Samsung had earlier announced the $16.5 billion chip supply deal without naming the client, saying the customer had requested confidentiality about the details of the deal, which will run through the end of 2033. Three sources briefed about the matter told Reuters that Tesla was the customer for the deal. The deal comes as Samsung faces mounting pressure in the race to produce artificial intelligence chips, where it trails rivals such as TSMC and SK Hynix. This lag has weighed heavily on its profits and share price. Samsung, the world's top memory chip maker, also makes logic chips designed by customers through its foundry business. Pak Yuak, an analyst at Kiwoom Securities, said the latest deal would help reduce losses at Samsung's foundry business, which he estimated exceeded 5 trillion won ($3.63 billion) in the first half of the year. Analysts say Samsung has struggled with the defection of key clients to TSMC for advanced chips. TSMC counts Apple, Nvidia and Qualcomm among its customers. The Samsung-Tesla deal may also be significant for South Korea, which is seeking U.S. partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or reduce potential 25% U.S. tariffs. Samsung is grappling to boost production yields of its latest 2-nanometer technology, but the order is unlikely to involve the cutting-edge tech, said Lee Min-hee, an analyst at BNK Investment & Securities. Samsung has been losing market share to TSMC in contract manufacturing, underscoring technological challenges the firm faces in mastering advanced chip manufacturing to attract clients like Apple and Nvidia, analysts said.
Time of India
44 minutes ago
- Time of India
Elon Musk says Tesla, Samsung Electronics sign chip supply deal
Academy Empower your mind, elevate your skills Tesla CEO Elon Musk said on Monday that the US automaker has signed a deal to source chips from Samsung Electronics, a move expected to bolster the South Korean tech giant's loss-making contract manufacturing Saturday, Samsung announced a $16.5 billion chip supply deal with a major global company, without naming the client. It said the customer had requested confidentiality about the details of the deal, which will run through the end of sources briefed about the matter told Reuters that Tesla was the customer for the deal comes as Samsung faces mounting pressure in the race to produce artificial intelligence chips, where it trails rivals such as TSMC and SK Hynix. This lag has weighed heavily on its profits and share the world's top memory chip maker, also makes logic chips designed by customers through its foundry Yuak, an analyst at Kiwoom Securities, said the latest deal would help reduce losses at Samsung's foundry business, which he estimated exceeded ₩5 trillion ($3.63 billion) in the first half of the say Samsung has struggled with the defection of key clients to TSMC for advanced chips. TSMC counts Apple, Nvidia and Qualcomm among its Samsung-Tesla deal is also significant for South Korea, which is seeking U.S. partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or reduce potential 25% U.S. is not clear how the order would affect Samsung's plan to start production at its new factory in Texas, which has been delayed as it struggles to win major is grappling to boost production yields of its latest 2-nanometer technology, and the order is unlikely to involve the cutting-edge tech, Lee Min-hee, an analyst at BNK Investment & Securities, has been losing market share to TSMC in contract manufacturing, underscoring technological challenges the firm faces in mastering advanced chip manufacturing to attract clients like Apple and Nvidia, analysts said. ($1 = ₩1,378.7000)
