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Samsung affiliate CEOs found not guilty on charges of breach of trust
Source: Xinhua |
September 20, 2010, Monday
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A Seoul local court today dismissed charges on former and present chief executive officers (CEOs) of Samsung SDS and Samsung Everland, who had been accused of incurring losses to shareholders by engaging in illegal transactions with Lee Kun-hee, chairman of the Samsung Group.
The Seoul District Court, in its ruling, said that three Samsung CEOs, Park NO-bin, Choi Joo-hyun, and Kim In, were not found not guilty with regard to their transactions with Lee Kun- hee in 2008.
Samsung SDS and Samsung Everland in 2008 returned the conglomerate chief 228.1 billion won (US$197.5 million) out of the 250.8 billion won that he had given the companies, without leaving records on financial statements.
Late April, local civic group Solidarity for Economic Reform brought to the prosecution charges against the CEOs of the two companies on accounting fraud and breach of trust, saying they cooked the book on the money received from Lee and underreported revenues.
While the court acknowledged that the companies did not leave records on the transaction, it found the transaction to be legal upon a prearranged agreement, which had not been disclosed.
Last year, South Korea's Supreme Court confirmed lower courts' "not-guilty" for Lee Kun-hee, who had been charged with illegal transfer of wealth and managerial control to his only son Lee Jae- yong.
Following the verdict, Lee Kun-hee, who had resigned from his chairman post on the allegations, returned as leader of South Korea's largest conglomerate in March 2010
The Seoul District Court, in its ruling, said that three Samsung CEOs, Park NO-bin, Choi Joo-hyun, and Kim In, were not found not guilty with regard to their transactions with Lee Kun- hee in 2008.
Samsung SDS and Samsung Everland in 2008 returned the conglomerate chief 228.1 billion won (US$197.5 million) out of the 250.8 billion won that he had given the companies, without leaving records on financial statements.
Late April, local civic group Solidarity for Economic Reform brought to the prosecution charges against the CEOs of the two companies on accounting fraud and breach of trust, saying they cooked the book on the money received from Lee and underreported revenues.
While the court acknowledged that the companies did not leave records on the transaction, it found the transaction to be legal upon a prearranged agreement, which had not been disclosed.
Last year, South Korea's Supreme Court confirmed lower courts' "not-guilty" for Lee Kun-hee, who had been charged with illegal transfer of wealth and managerial control to his only son Lee Jae- yong.
Following the verdict, Lee Kun-hee, who had resigned from his chairman post on the allegations, returned as leader of South Korea's largest conglomerate in March 2010
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