Legal battle over late LG chairman’s inheritance begins

LG Electronics Chairman Koo Kwang-mo

A legal battle over inheritance between LG Chairman Koo Kwang-mo and his adoptive mother and siblings began on Tuesday as the two sides held a preparatory hearing.

The widow of late LG Chairman Koo Bon-moo — Kim Young-sik — and his two daughters — Koo Yeon-gyung and Koo Yeon-soo — claim the inheritance needs to be redistributed while the 45-year-old current chairman claims the legal inheritance process was completed four years ago after reaching an agreement.

In February, Kim and the two daughters filed an inheritance litigation against the company head, claiming the assets need to be redistributed based on the legal inheritance ratio of 1.5:1:1:1, where the wife receives a 1.5 ratio while each offspring gets a 1 ratio of any applicable assets.

The total assets left behind by the late Koo was 2 trillion won ($1.5 billion) and the three women were given 500 billion won combined.

The plaintiffs claimed they accepted the inheritance at first, thinking the distribution proportion was based on late Koo’s will which they later found did not exist.

“It is hard to understand that [the mother and two daughters] filed a complaint four years after the inherited assets were divided following multiple discussions that lasted five months, and after the three-year statute of repose passed,” LG said back in February.

The next trial is scheduled for October 5.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]