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Samsung Chairman Wins $4 Billion Lawsuit Against Own Family
Published on:
Samsung Electronics' Chairman, Lee Kun-hee has won a court case brought against him by his own relatives who were seeking a larger stake in the company they inherited from their father, who had founded the electronics giant.
At stake were shares in the various holding companies that form the Samsung conglomerate worth around US$4 billion, which the relatives accused Lee Kun-hee of deliberately hiding from them.
Lee, and the group holding company, Samsung Everland, were defending three lawsuits seeking stakes in both Samsung Life Insurance and Samsung Electronics.
A judge at the Seoul Central District Court ruled that Lee could retain more than $1 billion in Samsung Electronics shares and another $1 billion in shares of Samsung Life.
As a consequence, Lee will remain the largest single shareholder in Samsung Electronics with a personal stake of just under 21 percent.
According to the 2012 Forbes Rich List, Lee Kun-Hee is the richest man in South Korea with a personal fortune of US$8.3 billion. He took control of Samsung in 1987, but was forced to resign in 2008 after being accused of tax evasion. He retuned to the company in 2010 after receiving a Presidential Pardon.
Tags: [samsung electronics] [Korea]
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