Court clears Samsung owner of most charges

SEOUL, May 29 (UPI) -- The South Korean Supreme court cleared Samsung owner Lee Kun-hee of all breach of trust charges Friday after 13 years of legal wrangling.

Lee was accused of illegally transferring wealth to his children and control of the company to his son, Jae-yong, through low-priced convertible bonds in Samsung's holding company Everland.

Lee remains guilty of tax evasion but the court upheld a high court ruling that acquitted him of other charges.

"The CBs (convertible bonds) were offered to shareholders. In offering to shareholders, the company can set the price regardless of the market price,'' the court said.

In the ruling, Everland executives Her Tae-hak and Park No-bin were also cleared of breach of trust charges but the charge that Lee evaded $88 million in taxes was upheld.