Samsung leader Jay Y. Lee indicted in South Korea on allegations concerning 2015 merger

South Korean prosecutors indicted Samsung Group's Jay Y. Lee on Tuesday on allegations of accounting fraud and stock price manipulation pertaining to a 2015 merger, dealing a fresh blow to the head of one of Asia's most valuable companies.

The decision comes as South Korean President Moon Jae-in rallies big business during a recession driven by the COVID-19 pandemic, and amid public sentiment that may be more interested in controlling the disease and reviving shrinking livelihoods than punishing Korea's chaebol that dominate the economy.

Prosecutors also alleged that Lee and other Samsung executives colluded to inflate the assets of Samsung BioLogics Co Ltd to avoid criticism that the merger was agreed at terms favourable to shareholders of Cheil Industries, which counted Lee as the biggest shareholder. Cheil was a major shareholder of BioLogics.

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