Samsung Group heir Jay Y. Lee was questioned on Tuesday by prosecutors about a controversial 2015 merger and alleged accounting fraud that they said may have helped him advance his succession-planning agenda at the country's top conglomerate.
SEOUL - Samsung Group heir Jay Y. Lee was questioned on Tuesday by prosecutors about a controversial 2015 merger and alleged accounting fraud that they said may have helped him advance his succession-planning agenda at the country’s top conglomerate.
Prosecutors have been investigating suspected accounting fraud at drug company Samsung Biologics after the Korean financial watchdog complained the firm’s value had been inflated by 4.5 trillion won in 2015. The deal was criticised by U.S. hedge fund Elliott Management and other investors for favouring family members at the expense of minority shareholders.“We today summoned a relevant person with regard to Samsung Group’s illegal merger and accounting fraud case,” an official at the Seoul Central District Prosecutors’ office told Reuters.
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