Lee Jae-yong, Released After 'Arrest Warrant Dismissal'... "Thank You for Your Hard Work Until Late"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] The detention warrant requested by the prosecution against Samsung Electronics Vice Chairman Lee Jae-yong (52), who is suspected of illegal succession related to the merger between Samsung C&T Corporation and Cheil Industries, as well as accounting fraud allegations involving Samsung BioLogics, was dismissed on the 9th, and Lee immediately returned home.

Lee left the Seoul Detention Center in Uiwang, Gyeonggi Province, at around 2:42 a.m. after the warrant hearing. After a lengthy pre-trial detention hearing and waiting for the results, Lee appeared somewhat fatigued as he walked out of the detention center and even staggered briefly before getting into the car.

Reporters waiting in front of the detention center asked, “The detention warrant was dismissed; could you share your thoughts?”, “Do you still deny ordering the illegal merger?”, and “Do you think the prosecution requested the warrant excessively?” Lee briefly replied, “Thank you for your hard work until late,” before getting into the prepared vehicle.

Some conservative YouTubers gathered in front of the Seoul Detention Center shouted “Samsung fighting” as Lee stepped outside the detention center.

Earlier, Judge Won Jeong-sook, head of the warrant division at the Seoul Central District Court, who conducted Lee’s pre-trial detention hearing, dismissed the detention warrant around 2 a.m. on the same day.

Judge Won explained, “The basic facts have been established, and it appears the prosecution has already secured a considerable amount of evidence through their investigation.”

She added, “However, there is insufficient evidence to justify the necessity and appropriateness of detaining the suspects against the principle of non-detention trial,” and stated, “Considering the importance of this case, it is reasonable to determine the suspects’ responsibility and degree through sufficient debate and examination during the trial process.”

The detention warrants for former Samsung Future Strategy Office Chief Choi Ji-sung (69) and former Strategy Team Leader Kim Jong-joong (64), who were also subject to detention requests alongside Lee, were dismissed for the same reasons.

Lee’s warrant hearing, which began at 10:30 a.m. the previous day, lasted for 8 hours and 30 minutes until around 7 p.m. on the same day. Including the waiting time until the hearings for former Vice Chairman Choi and former President Kim concluded, Lee spent a total of 10 hours and 40 minutes in court.

The Economic Crime Division of the Seoul Central District Prosecutors’ Office (Chief Prosecutor Lee Bok-hyun), which has been investigating this case, filed detention warrants on the 4th against Lee, former Chief Choi, and former Team Leader Kim for violations of the Capital Markets Act (fraudulent trading and market manipulation) and the Act on External Audit of Stock Companies. Former President Kim was also charged with perjury.

During the warrant hearing the previous day, the prosecution argued that the 2015 merger between Samsung C&T and Cheil Industries was a process for Lee’s stable succession of management rights, and that illegal market manipulation and accounting fraud at Samsung BioLogics were carried out under the leadership of the group’s top executives.

On the other hand, Samsung’s side reportedly rebutted that the merger of the two companies was conducted legally in accordance with relevant laws, and that Samsung BioLogics’ accounting treatment was not problematic from the perspective of international accounting standards.

This content was produced with the assistance of AI translation services.