Samsung Chairman's trial verdict postponed to February 5
What's the story
Samsung Electronics Chairman Lee Jae-yong's trial verdict has been pushed back to February 5, as he faces charges of stock price manipulation and accounting fraud. The Seoul District Court made the announcement on Monday, without giving a reason for the delay. Prosecutors are seeking a five-year jail term for the business magnate in relation to these accusations.
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Samsung's legal challenge amid semiconductor slump
This legal hurdle arrives at a time when Samsung is struggling with a downturn in the semiconductor industry. The trial's outcome could greatly impact the South Korean conglomerate, which is already dealing with market challenges. As the legal proceedings unfold, all eyes will be on the court's decision and how it may affect Samsung's future.
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Lee was earlier convicted of bribing former South Korea President
The prosectors demand that Lee Jae-yong should be sent to five years in prison for accounting fraud and stock price manipulation involving an $8 billion merger of Samsung's affiliates in 2015. This case is the last part of Lee's legal tussle pertaining to the merger of the affiliates. Lee was earlier convicted of bribing former South Korea President Park Geun-hye and was imprisoned for 18 months from 2017 to 2021. He was paroled in 2021 and then pardoned in 2022.