[Breaking] Prosecution Indicts 11 Including Samsung's Lee Jae-yong, Choi Ji-sung, Lee Young-ho, and Kim Tae-han
[Asia Economy Reporter Choi Seok-jin] The prosecution, which has been investigating allegations surrounding the merger between Samsung C&T and Cheil Industries, filed charges against Vice Chairman Lee Jae-yong of Samsung Electronics and other related individuals on the 1st, concluding a 1 year and 9 months investigation.
The Economic Crime Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lee Bok-hyun) on the same day indicted Vice Chairman Lee, former head of the Samsung Future Strategy Office Choi Ji-sung (Vice Chairman), former Deputy General Manager Jang Choong-ki (President), former Strategy Team Leader Kim Jong-jung (President), Samsung BioLogics CEO Kim Tae-han, and about 10 other current and former executives without detention on charges including violations of the Capital Markets Act (fraudulent trading and market manipulation), violations of the External Audit Act (preparation and disclosure of false financial statements violating accounting standards), and breach of trust in the course of duty.
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The indictment also included former Samsung C&T representatives Choi Chi-hoon and Kim Shin, as well as Chief Financial Officer Lee Young-ho.
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