Brother of Samsung chief loses inheritance appeal

Feb 06, 2014
Lee Kun-Hee, chairman of South Korea's Samsung Electonics group, pictured during a press conference in Seoul, on April 22, 2008

The elder brother of South Korea's richest man, Samsung Electronics chairman Lee Kun-Hee, lost his court appeal Thursday for an $850 million share of his sibling's inherited wealth.

The Seoul High Court upheld a lower ruling allowing Lee to retain all his shareholdings in the giant conglomerate that members of his family had accused him of hiding from them following the death in 1987 of his father and Samsung's founder Lee Byung-Chull.

The collective family claim had amounted to 4.1 trillion won, and Lee's elder brother Lee Maeng-Hee had appealed to the High Court over his 940 billion won ($850 million) share.

While the court found that some shares claimed by Lee Maeng-Hee had indeed been bequeathed to him, it noted that the 10-year statute of limitations on inheritance claims had expired.

Lee Maeng-Hee's lawyer said his client had yet to decide whether to appeal to the supreme court.

In their initial suit, Lee Maeng-Hee and other relatives had claimed that, after the death of their father, Lee Kun-Hee had hidden shares and assets that had been held in other people's names.

Only Lee Maeng-Hee appealed the lower court ruling handed down in February last year.

A model holds Samsung's first 'curved' smartphone Galaxy Round at the Electronics and IT Industry Fair in Goyang, north of Seoul, on October 10, 2013

The Samsung chairman has accused his brother of becoming covetous as Samsung emerged as a global industrial behemoth.

Lee Byung-Chull, who founded what is now the world's largest technology firm by revenue, had three sons and five daughters.

Under the stewardship of Lee Kun-Hee, the conglomerate has flourished and become the world's top chipmaker and .

He is South Korea's richest man, with a net worth estimated by Forbes magazine at around $10.8 billion.

Explore further: India on tap as first market for Microsoft Lumia 535

add to favorites email to friend print save as pdf

Related Stories

Samsung chairman keeps fortune in inheritance case

Feb 01, 2013

The chairman of Samsung Electronics has kept his fortune and control of the Samsung conglomerate after a South Korean court Friday ruled against his older brother in an inheritance battle.

Samsung promotes chairman's son to vice chairman

Dec 05, 2012

Samsung Electronics Co. promoted its chairman's only son to vice chairman, putting the 44-year-old closer to the top leadership position at the world's largest maker of memory chips, mobile phones and TVs.

Samsung chairman says son to be promoted

Nov 17, 2010

(AP) -- The chairman of Samsung Electronics said Wednesday his son will be promoted to a more powerful executive position, preparing the global technology giant for an eventual change in leadership.

SKorean lawmaker loses seat over Samsung wiretaps

Feb 15, 2013

(AP)—A South Korean lawmaker known for criticism of the Samsung conglomerate has forfeited his seat in parliament after the Supreme Court ruled he violated communications laws by publishing incriminating wiretaps of conversations ...

Samsung promotes chairman's son to president

Dec 03, 2010

(AP) -- A scion of the family that founded the sprawling Samsung conglomerate has been promoted to president at the flagship electronics business, sending its shares to a record high.

Recommended for you

EU Parliament votes to break up Google

15 hours ago

The European Parliament voted overwhelmingly for the break-up of Google Thursday in a largely symbolic vote that nevertheless cast another blow in the four-year standoff between Brussels and the US Internet ...

Toyota finds new air bag issue, recalls more cars

19 hours ago

Toyota Motor Corp. recalled more than 40,000 vehicles in Japan on Thursday as part of a worldwide scare over defective air bags and is investigating a new type of air bag problem that could lead to further recalls.

Netflix sues Yahoo CIO for alleged kickbacks

Nov 26, 2014

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.