Lee Refuses Merger Adjustment Requests

A testimony in court revealed that Lee Jae-yong of Samsung Electronics swiftly rejected a request from the National Pension Service to adjust the merger ratio between Samsung C&T and Cheil Industries.

At the trial for former Minister of Welfare Moon Hyoung-pyo held at Seoul Central District Court yesterday (April 10), the independent counsel led by Park Young-soo questioned witness Chae Jun-gyu, a former chief researcher at the National Pension Service. There, they revealed "Documents on the Meeting with CEO" which stated, "There is no plan B. The merger must be put through."

Chae testified that the statement came from Lee and that he understood it as Lee's request for the National Pension Service to agree to the merger.

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