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, has been acquitted in the appeals trial following the first trial on the allegations of unfair mergers between Samsung C&T and Cheil Industries, raising expectations that Samsung Electronics will actively use its cash to enhance its corporate value.