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When the prosecution turned Vice President Lee Jae-yong on trial, the prosecution found that he had committed various illegal activities to take over management rights at minimal cost.
The prosecution concludes that they committed organized crime by setting up the Office of Future Strategy, which served as a group control tower for private interests.
This is reporter Lee Jong-won.
[기자]The 133 pages of the complaint containing the crimes of Vice President Lee Jae-yong and current and former executives were meticulously addressed by Vice President Lee and the former Office of Future Strategy.
The prosecution believes that the merger of Cheil Industries and Samsung C&T, where Vice President Lee was the largest shareholder, is the core content of the succession plan called ‘Project-G’ and has been fully operational after the illness of President Lee Kun. -hee in May 2014.
With the Cheil Industries listing as a signal, Samsung C&T stock price fell and a favorable situation was formed for Cheil Industries. Vice President Lee and Mijeon’s office established and ordered the implementation of a specific merger promotion plan.
However, even though Samsung C&T’s scale, such as sales and operating profit, was much higher, the attempt to merge with Cheil Industries at a favorable rate resulted in strong opposition from Samsung C&T shareholders and, in turn, Ultimately, the prosecution believes that there were illegal activities involved in each stage of the merger transaction.
First, Samsung C&T explained that the board of directors obtained formal approval of the merger within one hour based on the false justification that it was necessary for the growth of the business and the manufactured accounting firm reported that the merger ratio was appropriate.
[이복현 / 서울중앙지검 경제범죄형사부장 : 최소 비용으로 삼성그룹을 승계하고 지배력을 강화하기 위해 치밀한 계획을 세우고, 이재용 부회장이 최대주주인 제일모직에 유리한 시점에 삼성물산 흡수합병을 일방적으로 결정했습니다.]In fact, the prosecution said that after the announcement of the merger, the backlash from Samsung C&T shareholders, such as the US hedge fund Elliott, turned fierce, and that Vice President Lee also confirmed that he had established a response strategy. with the US War Office and overseas advisers.
The prosecution also explained that Samsung C&T has mobilized a trick to increase votes by revitalizing voting rights by selling non-voting treasury shares to friendly powers.
Samsung C&T promised economic benefits to KCC, the second largest shareholder in Cheil Industries, and sold all of its treasury shares and made a bogus deal.
In the process, the value of Cheil Industries was underestimated or important information about investment risk related to merger penalties was concealed, and investor decision-making, such as writing celebrity articles, was distorted.
In the end, the proposed merger was approved at the general meeting of shareholders with a slight difference of 2.86%, but the illegal activities continued after the price of Samsung C&T shares fell.
In order to curb the exercise of the stock purchase right that could lead to the cancellation of the merger agreement, Cheil Industries received short-term loans of more than 400 billion won and intensively purchased treasury shares, it said.
As a result, Vice Chairman Lee became the largest shareholder in integrated Samsung C&T, which was launched through the merger with Cheil Industries, and secured control of Samsung C & T’s stake in Samsung Electronics, solidifying control over the entire group. .
Ultimately, the Samsung C&T merger aims to strengthen the group’s dominance by taking over management power from Vice President Lee Jae-yong at minimal cost, and the prosecution’s final judgment is that this is a systematic felony that it disturbed the order of the capital market for private interests.
This is YTN Jongwon Lee.
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