A South Korean appeals court cleared Samsung Electronics Chair Lee Jae-yong Monday of stock manipulation and accounting fraud related to the 2015 merger of two of the company's affiliates.

A South Korean appeals court has upheld a ruling that acquitted Samsung Electronics Chairman Lee Jae-yong of financial criminal charges over a contentious merger between Samsung affiliates that cemented his grip over the biggest South Korean company.

Lee Jae-yong, chairman of Samsung Electronics, was acquitted in the appeals trial following the first trial regarding the unfair merger allegations of Samsung C&T and Cheil Industries. In response, the prosecution noted that they would review whether to appeal to the Supreme Court.