Feeds

Samsung chairman wins £500m legal fight with brother

Brothers decide 'familial and fraternal love' trump commercial dispute

Next gen security for virtualised datacentres

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. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
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.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
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?