ISTANBUL

A South Korean court on Thursday acquitted Samsung Chairman Lee Jae-yong of all charges related to the company's 2015 merger case.

The Supreme Court cleared Lee of all charges associated with the merger between Cheil Industries and Samsung C&T in 2015. Lee had been suspected of taking over South Korea's largest conglomerate at an artificially low price, according to the Korea JoongAng Daily.

The merger was viewed as a crucial step in Lee’s succession within the family-controlled group after his father, Lee Kun-hee, suffered a heart attack in 2014 that left him comatose.

Lee faced accusations of stock price manipulation, breach of duty, and accounting fraud during the merger. Three Samsung C&T shares were offered for one Cheil share, allowing Lee to gain tighter control over Samsung C&T.

Prosecutors alleged that Samsung manipulated the stock market to inflate Cheil's price and drive down Samsung C&T's, employing various unfair practices.

In February, the Seoul High Court upheld Lee's acquittal of all 19 charges related to the merger, ruling that there was insufficient evidence of wrongdoing in the succession process. Lee was acquitted in February 2024.