Special prosecutors indicted the chairman of Samsung Group on charges of tax evasion and breach of trust Thursday, ending a probe that shook South Korea’s biggest conglomerate for months.

But the independent counsel dismissed as unsubstantiated what was seen as the central allegation in the case: that Samsung created a massive slush fund by siphoning money from subsidiaries to bribe prosecutors, officials and other influential figures.

The outcome was decried by some as yet more special treatment for top tycoons, even though the charges potentially carry a stiff prison term if Chairman Lee Kun-hee is convicted.

The three-month investigation determined that the assets were what Lee inherited from his late father and Samsung founder Lee Byung-chull, and rejected bribery allegations from former Samsung lawyer and whistleblower Kim Yong-chul.

Prosecutors also chose not to arrest Lee, saying it would cause “cause enormous disruptions” to Samsung’s corporate management and have “negative repercussions on our economy amid the extremely competitive global economic situation.”

That’s a familiar argument in South Korea, where tycoons like Lee are considered indispensable.

Last year, Chung Mong-koo, the chairman of Hyundai Motor Co., though found guilty and sentenced to prison for embezzling corporate money, got a suspended jail term on appeal because his role was seen as too important to the nation’s economy.

The tax evasion charge against Lee carries a possible sentence of between five years to life in prison, though judges have leeway to decree that no jail time be done.

“We can’t accept” the results of the investigation, said Lee Sang-min, an official at People’s Solidarity for Participatory Democracy, the largest South Korean civic group. “It’s nothing but an attempt to condone (wrongdoing by) Samsung.”

Samsung Vice Chairman Lee Hak-soo, regarded as Lee’s closest confidante, and two other executives were also indicted on breach of trust charges. In total, 10 Samsung executives were charged.

Samsung is…