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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Samsung Electronics Co., Ltd.    A005930   KR7005930003

SAMSUNG ELECTRONICS CO., LTD.

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Samsung Electronics : Prosecutors seek arrest warrant for Samsung chief

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06/04/2020 | 10:26am EDT

Samsung Electronics Vice Chairman Lee Jae-yong faces the risk of returning to prison yet again.

On Thursday, the prosecution team in Lee's case sought an arrest warrant against the vice chairman in relation to the 2015 merger of two Samsung units. In response, the Seoul Central District Court announced that it will decide whether or not to issue the warrant on Monday.

The unexpected application for arrest warrants came just two days after Lee's side asked a citizen's panel to review the case with the aim of avoiding indictment.

The prosecutors' office also applied for arrest warrants for two former Samsung executives, including former Samsung Group Vice Chairman Choi Gee-sung.

When Cheil Industries merged with Samsung C&T in 2015, the three businessmen were suspected of artificially inflating the firm's value to beef up Lee's control over Samsung.

Prosecutors have also launched an accounting fraud probe into Cheil's affiliate, Samsung BioLogics, after the country's financial watchdog ruled in 2018 that the biopharmaceutical firm violated accounting rules.

Before the amalgamation between Cheil and Samsung C&T, Samsung BioLogics changed its accounting method. As a result, it turned a profit, which also helped increase Cheil's value.

Lee was Cheil's largest shareholder, with a stake of 23.2 percent. However, Lee had no stake in Samsung C&T. By that logic, Cheil having a higher value meant profitable returns for the 51-year-old heir, prosecutors said.

Lee is the only son of the currently bed-ridden Samsung Chairman Lee Kun-hee, who collapsed in 2014 after suffering from a heart attack. As a result, Lee is now the de facto chief of Samsung Group in place of his father.

Wrapping up its 20-month-long investigation into the case, prosecutors summoned Lee twice last week. Lee has denied all the allegations against him, but he has a history of criminal charges.

In February 2017, Lee served time for bringing the now-impeached South Korean president, Park Geun-hye, who helped Lee strengthen his grip over the Samsung conglomerate.

Lee was sentenced to five years in jail, but was let go the next year after an appeals court suspended the sentence. The Supreme Court overturned the verdict last year, sending it back to the high court for review.

Copyright 2020 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source International Top News

Stocks mentioned in the article
ChangeLast1st jan.
SAMSUNG BIOLOGICS CO.,LTD. -1.35% 731000 End-of-day quote.68.82%
SAMSUNG ELECTRONICS CO., LTD. -0.19% 52700 End-of-day quote.-5.56%
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Financials
Sales 2020 232 031 B 193 B 193 B
Net income 2020 24 830 B 20,7 B 20,7 B
Net cash 2020 97 047 B 80,8 B 80,8 B
P/E ratio 2020 13,9x
Yield 2020 2,86%
Capitalization 353 077 B 294 B 294 B
EV / Sales 2019
EV / Sales 2020 1 521x
Nbr of Employees -
Free-Float 82,6%
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Number of Analysts 39
Average target price 66 948,72 KRW
Last Close Price 52 700,00 KRW
Spread / Highest target 46,1%
Spread / Average Target 27,0%
Spread / Lowest Target -5,12%
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NameTitle
Hyun-Suk Kim Co-President, Co-CEO & Director
Dongjin Koh Co-President, Co-CEO & Director
Kinam Kim President, Co-CEO & Director
Tae Moon Roh Co-President & Head-Research & Development
Jae-Wan Park Chairman
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