Prosecutors in South Korea have indicted Samsung Electronics Co Ltd SSNLF Vice Chairman Jay Y. Lee for stock manipulation and breach of trust, Reuters reported Tuesday.
What Happened: The Samsung heir was reportedly charged by the prosecutors despite a citizen’s panel recommendation that made a contrary suggestion, according to BBC.
Lee is the son of Lee Kun-hee, the chairman of the Samsung Group. He is reportedly unlikely to be detained by prosecutors as he prepares to face a fresh trial.
Why It Matters: In 2017, Lee was found guilty of charges including bribery, embezzlement, hiding assets overseas and perjury and sent to prison for five years but six months later the sentence was halved and the Seoul High Court suspended the jail term setting him free, noted BBC.
In June, prosecutors requested an arrest warrant against Lee in a case involving accounting fraud and a merger between Samsung C&T, a construction firm and Cheil Industries Inc., a theme park operator.
Price Action: Samsung shares closed 0.37% higher at $45.82 in Seoul on Tuesday.
Photo courtesy: Oskar Alexanderson via Flickr
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