Feeds

Samsung chairman wins £500m legal fight with brother

Brothers decide 'familial and fraternal love' trump commercial dispute

Secure remote control for conventional and virtual desktops

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. ®

Next gen security for virtualised datacentres

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
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
prev story

Whitepapers

A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned 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.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.