Business
S.Korea’s top court upholds acquittal of Samsung’s Lee over contentious 2015 merger
Samsung Electronics Chairman Lee Jae-yong arrives at the Seoul High Court in Seoul, South Korea, on Feb 3. (AP)
SEOUL, South Korea, July 17, (AP): South Korea’s top court Thursday upheld the acquittal of Samsung Electronics Chairman Lee Jae-yong on financial criminal charges, ending years of legal disputes over the 2015 merger between Samsung affiliates that solidified his control over the company. In 2024, the Seoul Central District Court acquitted Lee of charges like stock price manipulation and accounting fraud by ruling that prosecutors failed to sufficiently prove the merger was unlawfully conducted with an aim to strengthen Lee’s control over Samsung.
The Seoul High Court upheld the district court’s ruling in February, and the Supreme Court dismissed prosecutors’ appeal of the high court’s decision Thursday. Its ruling is final and cannot be appealed. Samsung’s lawyers said in a statement that they “sincerely thank” the Supreme Court for “wisely” ruling on the case.
They said the ruling confirmed the 2015 merger was legitimate. Lee, a third-generation corporate heir who was officially appointed chairman of Samsung Electronics in 2022, has led the Samsung group of companies since 2014, when his late father, Lee Kun-hee, suffered a heart attack. The senior Lee died in 2020. Lee Jae-yong served 18 months in prison after being convicted in 2017 on separate bribery charges related to the 2015 merger.
He was originally sentenced to five years in prison for offering bribes to then-President Park Geun-hye and her close confidante to win government support for the merger, which was key to strengthening his control over the Samsung business empire and solidifying the father-to-son leadership succession. Lee was paroled in 2021 and pardoned by then-President Yoon Suk Yeol in 2022. Some shareholders opposed the 2015 merger, saying it unfairly benefited the Lee family while hurting minority shareholders.
Gold demand in India slows as record-high prices push buyers to wait, prompting dealers to increase discounts.
NEW DELHI, India, July 19: Gold demand in India remained subdued this week as prices hovered near record highs, causing buyers to hold back and dealers to increase discounts to attract customers. Elevated prices also dampened activity in other major Asian markets.
Indian dealers were offering discounts of up to $10 an ounce below official domestic prices — which include a 6% import duty and 3% sales tax — an increase from last week’s maximum discount of $8.
“Jewellery stores across the country are seeing fewer customers. People are reluctant to buy now, hoping prices will drop,” said a jeweller based in Kolkata.
Domestic gold prices traded around 97,500 rupees per 10 grams on Friday, down from an all-time high of 101,078 rupees reached last month.
Although discounts might have increased more sharply due to weak demand, supplies remain limited because imports have sharply declined, explained a bullion dealer from a private bank in Mumbai.
India’s gold imports in June dropped 40% year-on-year to 21 tons, marking the lowest monthly figure in over two years amid sluggish demand.
In China, the world’s largest gold consumer, dealers quoted discounts ranging from $5 below to $10 above spot rates, down from last week’s premiums of $10 to $25.
“In China, physical buying interest is low currently because of the summer holiday. Demand may pick up from October,” said Peter Fung, head of dealing at Wing Fung Precious Metals.
In Hong Kong, gold sold at $1 to $2 premiums, while in Singapore, prices ranged from parity with the global benchmark to a premium of up to $2.20.
In Japan, bullion traded between a $0.50 discount and a $1 premium.
Gold discounts widen in India as high prices weaken demand
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