(Bloomberg) -- South Korean prosecutors are appealing a Seoul court ruling that cleared Samsung Electronics Co. Executive Chairman Jay Y. Lee of all charges including stock-price manipulation and accounting fraud.
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The Seoul Central District Prosecutors’ Office filed an appeal Thursday, according to a spokesperson at the office, confirming a report by the Chosun Ilbo newspaper. The appeal means the case will be heard by a higher court.
Read more: Samsung’s Lee Free to Run Chipmaker After Threat of Jail Lifted
The prosecutors in November sought a five-year prison sentence along with a 500 million won ($376,000) fine for Lee. The Seoul Central District Court on Monday acquitted Lee and other Samsung officials. A panel of three judges pointed out a litany of inadequacies in the case, including inadmissible evidence and a lack of proof about Lee’s intentions or that Samsung and Lee misled shareholders.
Lee has denied wrongdoing and in his final argument in November, he pleaded for a chance to lead Samsung at a time of heightened geopolitical risks and technological disruption.
--With assistance from Shinhye Kang.
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