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Samsung head sued by family again

Mar 29,2012
Samsung Electronics Co. chairman Lee Kun-hee is being sued by yet more relatives belatedly demanding a share of his inheritance from his father, Samsung founder Lee Byung-chull.

In February, Lee, the third son of the group founder, was sued by an elder brother and elder sister, over their father’s legacy. The latest lawsuit has been filed by the family of Lee’s nephew.

The wife and two sons of the late Lee Jae-chan, a grandson of the Samsung founder, have filed an inheritance suit against the chairman, demanding the return of about 100 billion won ($89 million) in stocks and cash, according to their law firm yesterday.

Lee Jae-chan, who killed himself in 2010 after a series of business failures, was the only son of Lee Chang-hee, the second son of the Samsung founder.

The law firm said Lee Jae-chan’s wife claimed 454,847 of Chairman Lee’s shares in Samsung Life Insurance Co., 10 preferred and 10 common stocks in Samsung Electronics, and another 100 Samsung Life stocks, along with 100 million won in cash.

Her two sons asked for 300,231 shares in Samsung Life, 10 preferred and 10 common stocks in Samsung Electronics, and another 100 Samsung Life stocks, along with 100 million won.

The legal action comes nearly a month after the chairman was sued on similar grounds by his eldest brother Lee Maeng-hee and elder sister Lee Sook-hee, who demanded their younger brother return part of the sum their father passed on before dying in 1987. Their suits claimed their father left shares for all of his offspring and that the chairman concealed the bulk of group stocks.

In 1938 Lee Byung-chull founded the company that is now Korea’s largest business conglomerate.

Yonhap


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