Family's Lawsuit Defeated By Samsung Chairman in $4 billion win
3rd February 2013 Paul Andrews
Relatives of Lee Kun-hee's had been seeking nearly $4 billion in Samsung assets
In a Korean court ruling, the Chairman of Samsung, Lee Kun-hee was released from the threat of having to hand over significant assets to family members following a high profile family dispute.
Siblings of Lee had gone to court in a bid to claim billions of dollars in shareholdings that had been hidden from them, part of Lee's inheritance from his father, the founder of the Samsung empire. Countering the claim, Lee argued that the shares were given to him and that it was up to him to do with them what he wished. The court agree with Lee and the result that Lee retains his ownership in Samsung which equates to about 20% of the business.
Lee's victory paves the way for him to continue on his implementation of a succession plan. Last year, he appointed his 44-year-old son, Jay Y. Lee, as Vice Chairman and gave a clear indication that it was likely that he will eventually take over Samsung.