A South Korean court has refused to issue an arrest warrant against Samsung vice-president JY Lee.The court did not issue an arrest warrant in the case filed by the government prosecutor on the charge of fraud and stock market fraud.
This has given immediate relief to Samsung’s Vice President Lee. But as the case progresses in the coming days, more pressure will be put on him. Shares of all Samsung Group companies, including Samsung Electronics, Samsung Biologics and Samsung C&T, rose on Tuesday in a bid to avoid arrest.
Prosecutors called the court’s decision “regrettable” and said they would continue their investigation despite the court order. He also said that an appeal would be filed in the court seeking re-arrest warrant after further investigation.
Lee’s lawyer said the allegations against him should be reviewed by an external panel and a decision should be made on whether the allegations should be substantiated.
Lee has been accused of illegally trading and interfering in share prices ahead of a ८ 8 billion merger between Samsung and Cheil Industries in 2015. After the merger, Lee was strengthening his hold on Samsung. In 2018, Lee was jailed for a year for bribery. He was accused of gifting a horse to the daughter of a presidential confidante to garner government support for a merger between the two companies. However, he was released after the Supreme Court overturned the lower court’s decision.