Feeds

Samsung chairman wins £500m legal fight with brother

Brothers decide 'familial and fraternal love' trump commercial dispute

Internet Security Threat Report 2014

A legal battle that threatened Samsung's stability has ended after company chairman Lee Kun-hee’s brother decided not appeal a court decision against him.

Older sibling Lee Maeng-hee ended the two year legal dispute over their inheritance by accepting a Seoul appeal court’s decision to reject his demand for a 940 billion won (US$850 million, £510m) share of the pie.

"[Lee Maeng-hee] decided to give up filing for appeals [with the Supreme Court] as it is more important for him to keep relations with his family than to continue with the suit," noted a statement from his law firm, Yoon & Yang LCC, seen by Yonhap.

The claim from Lee senior had already been turned down by a lower court and back in January, Samsung Electronics chairman Lee Kun-hee turned down an offer of reconciliation from his brother.

“We decided that this is an issue that transcends familial and fraternal love and concerns the management stability of Samsung, which is a global corporation,” Lee Kun-hee’s lawyer said at the time, according to The Hankyoreh.

“Reconciliation would go against the last wishes of Lee Kun-hee’s father, Lee Byung-chul, and it would be a violation of principle.”

The decision will also apparently mean that Lee Kun-hee can keep his stake in various key Samsung subsidiaries.

Lee Byung-chul founded the chaebol giant back in 1938 but left most of his cash to second son Lee Kun-hee when he died in 1987.

However, Lee Maeng-hee’s beef was apparently that his younger brother took ownership of some stocks which their father had left in a trust under a third party’s name, prior to his death.

Although he revised down an original demand for over 4 trillion won ($3.7bn, £2.3bn), the courts and the Samsung chairman were unmoved.

The older Lee is not short of a bob or two himself, being former chairman of media and food giant CJ Group, but he now faces legal bills estimated at around 17bn won ($16m, £9.6m) and little hope of a rapprochement with his brother. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.