Saturday, April 28, 2012

Samsung’s chairman fights with family over inheritance

Samsung's chairman fights with family over inheritance
Lee Kun-hee - Getty Image
A family feud has erupted in public after Samsung family has decided to take the inheritance dispute to court.
Lee Kun-hee, chairman of Samsung Electronics Co is facing the brunt of his elder brother, a  sister and a wife of a nephew who are looking for a bigger chunk in the shares of Samsung Electronics.
Lee Kun-hee, the third son of the founder of the group Lee Byung-chull was made to lead the company back in 1979 bypassing his elder son Lee Meng-hee who later showed disappointment over his father’s decision in his biography.
Lee Meng-hee filed a lawsuit in February asking for USD 613 mn share in the company. Similar claims have also been filed from chairman’s elder sister and the wife of his dead nephew.
The chairman Lee Kun-hee has refused to settle the dispute out of court and rather expressed his anger by disgracing his elder brother in public and saying that 81 year old Lee Meng-hee has already been kicked out of home.
Battles for the control of larger conglomerates in South Korea is not unusual but for the first time it has been brought into public.
Under the leadership of Lee Kun-hee who is also the wealthiest person of South Korea, Samsung has become the largest business conglomerate in the country with a net worth of USD 13.5 bn. Currently, Samsung is world’s top chipmaker and second largest mobile phone manufacturer in the world.

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