Feeds

Samsung chairman wins £500m legal fight with brother

Brothers decide 'familial and fraternal love' trump commercial dispute

Maximizing your infrastructure through virtualization

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 three mobile application threats

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.