SEOUL – The chairman of Samsung Electronics has kept his fortune and control of the conglomerate after a South Korean court Friday ruled against his older brother in an inheritance battle.
The case was closely watched because a ruling against Samsung Chairman Lee Kun Hee, 71, could have resulted in the unraveling of a cross-shareholding structure that allows Lee — the nation’s richest person with a $8 billion fortune, says Forbes — to control the conglomerate as a minority shareholder.
The high-stakes fight also highlighted a deep discord between the two sons of Samsung founder Lee Byung Chull who denounced each other in public as the struggle unfolded last year. Lee’s brother, Lee Meng Hee, 81, wanted a bigger share of the Samsung cake but the Seoul Central District Court ruled that a 10-year period for inheritance claims had expired.
It also said there was not enough evidence to prove dividends and proceeds from Samsung firms were intended as part of their inheritance.
On the same grounds, the court also denied claims from four other family members, including Lee’s elder sister, for a combined 4.1 trillion won ($3.7 billion) in stocks and cash.
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