Samsung Billionaire Jay Y. Lee Acquitted in Succession Suit
- Judge rules there wasn’t enough evidence against JY Lee
- The billionaire will now lead Samsung against rivals in AI
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Samsung Electronics Co. Executive Chairman Jay Y. Lee scored an important victory Monday after a Seoul court acquitted him of stock manipulation charges, allowing the billionaire to keep leading a conglomerate under threat from rivals old and new.
The acquittal lifts a weight off the world’s largest maker of memory chips and displays, which is struggling with a global downturn and a stiff challenge from Apple Inc. in smartphones and SK Hynix Inc. in the nascent field of AI. The surprise decision finally removes the threat of jail time that’s dogged one of Korea’s most prominent businesspeople for years.