Newscenter Media News South Korean prosecutors are seeking a five-year jail term for Samsung Chief Executive Officer, Jay Y. Lee for his alleged involvement in a contentious affiliate merger that strengthened his hold on the business.
Prosecutors in a case being tried at an appeals court in the Asian country on Monday also demanded that a 500 million KRW fine ($375,000) be slammed on Jay Y. Lee.
“The defendant damaged the capital market’s foundation for the group’s succession… The ruling in this case will serve as a reference point for restructuring chaebol companies [which is a large, family-controlled business conglomerate in South Korea] and accounting in the future,” one of the prosecutors said.
Lee was arraigned in connection with the 2015 merger of Samsung businesses which gave him more power over the tech behemoth.
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He was first found guilty alongside 13 former Samsung officials of accounting fraud and stock price manipulation.
In February, a Seoul Central District Court discharged Lee on the charges but the prosecution challenged the decision.
The appeal hearings conclude Monday just as Lee’s leadership of Samsung, the world’s leading manufacturer of memory chips and smartphones, is coming under increasing scrutiny as the company struggles with declining stock prices and diminishing profitability.
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