South Korean Prosecutors Appeal Against Acquittal of Samsung’s Lee

Yoolim Lee, Bloomberg News

Jay Y. Lee departs Seoul Central District Court on Feb. 5. , Bloomberg

(Bloomberg) -- South Korean prosecutors are appealing a Seoul court ruling that cleared Samsung Electronics Co. Executive Chairman Jay Y. Lee of all charges including stock-price manipulation and accounting fraud.

The Seoul Central District Prosecutors’ Office filed an appeal Thursday, according to a spokesperson at the office, confirming a report by the Chosun Ilbo newspaper. The appeal means the case will be heard by a higher court.

Read more: Samsung’s Lee Free to Run Chipmaker After Threat of Jail Lifted

The prosecutors in November sought a five-year prison sentence along with a 500 million won ($376,000) fine for Lee. The Seoul Central District Court on Monday acquitted Lee and other Samsung officials. A panel of three judges pointed out a litany of inadequacies in the case, including inadmissible evidence and a lack of proof about Lee’s intentions or that Samsung and Lee misled shareholders.

Lee has denied wrongdoing and in his final argument in November, he pleaded for a chance to lead Samsung at a time of heightened geopolitical risks and technological disruption.

--With assistance from Shinhye Kang.