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Arrested Development: Samsung chairman relatives fail in a $4 billion lawsuit against him

Arrested Development: Samsung chairman relatives fail in a $4 billion lawsuit against him

Posted: 01 Feb 2013, 05:58, by Daniel P.

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Arrested Development: Samsung chairman relatives fail in a $4 billion lawsuit against him

Samsung's esteemed chairman Lee-kun Hee is overseeing a multibillion empire, which he's been creating for decades now, but when it comes to relatives getting in the way, all bets are off, even in a family-run chaebol like Samsung.

Lee Kun-hee's siblings filed a lawsuit demanding more shares in the company, as heirs of Samsung's founder in their turn, while Lee's lawyers argued that his father named him a successor, and he was the one who turned the relatively small company to the world-class conglomerate it is now.

The plaintiffs were seeking about $4 billion in shares from the various company holdings, but the South Korean court just ruled today in Lee Kun-hee favor, avoiding a wave of disturbance and reshuffling going through the intricate network of shareholder layers around the group's numerous businesses.

It all ends up at Samsung Life insurance and Samsung Everland, which is on paper a zoo and amusement park operator, but in fact owns a large chunk of shares in Samsung Group, while Lee Kun-hee controls both companies with the family stake in them. His personal fortune is estimated at more than $8 billion, so giving away half of that to the relatives would have been a bitter pill to swallow.

"Regardless of the truth of what happened or the final outcome of this case, I think it may also have been one of the late founder's wishes that both parties have a happy life together with no quarrels," said the judge before the verdict.

The ruling comes at a time when South Korea is a bit fed up with family-run chaebols that rule the country, and is ultimately deemed positive for Samsung, as its shares shot up 3% on the news. Check out how Samsung rose to a chaebol prominence for more info on the company culture.

source: Reuters

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1. RaKithAPeiRiZ posted on 01 Feb 2013, 07:07 3 0

some family huh ?

2. SleepingOz posted on 01 Feb 2013, 07:13 5 0

Money ruins families, it's a well known fact.

7. cezarepc posted on 01 Feb 2013, 08:42 5 0

It's the other way around for my family, they ruin money.

8. Tre-Nitty posted on 01 Feb 2013, 08:57 0 0

Classic response. That's hilarious!

3. wildcard posted on 01 Feb 2013, 07:24 4 0

all about is money, money. their donot think about the company there only think about is what there want in their pocket an l call that greed

14. Mittal posted on 02 Feb 2013, 02:42 0 0

Private companies are started with a money motive only

4. _Bone_ posted on 01 Feb 2013, 07:24 0 9

Nobody can win a lawsuit against Samsung. Not even Samsung itself.

13. JosDes posted on 02 Feb 2013, 01:44 0 0

how about apple

5. ray77 posted on 01 Feb 2013, 07:29 7 4

well it look like that there is a rotten apple in the family

6. tiara6918 posted on 01 Feb 2013, 07:43 3 0

It must be painful on Lee Kun Hee's part for being sued by his own siblings:(

9. kaliil10 posted on 01 Feb 2013, 09:27 0 0

I hate family problems

10. Commentator posted on 01 Feb 2013, 10:34 0 0

This seems like a pretty good problem to have...

11. ibap posted on 01 Feb 2013, 11:57 0 0

Let's see. How differently will he live worth 4 billion instead of 8?

OTOH - it doesn't say what the others are worth without this deal either.

12. MorePhonesThanNeeded posted on 01 Feb 2013, 14:26 0 0

Classic entitlement case here folks...they probably did nothing to help and want their share.

15. laheelahee posted on 02 Feb 2013, 15:14 0 0

typo: Lee-kun Hee @ the 1st sentence.
correct: Lee, Kun-hee @ the rest of the article is fine.

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Arrested Development: Samsung chairman relatives fail in a $4 billion lawsuit against him

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15 Comments Follow Following

1. RaKithAPeiRiZ posted on 01 Feb 2013, 07:07 3 0

2. SleepingOz posted on 01 Feb 2013, 07:13 5 0

7. cezarepc posted on 01 Feb 2013, 08:42 5 0

8. Tre-Nitty posted on 01 Feb 2013, 08:57 0 0

3. wildcard posted on 01 Feb 2013, 07:24 4 0

14. Mittal posted on 02 Feb 2013, 02:42 0 0

4. _Bone_ posted on 01 Feb 2013, 07:24 0 9

13. JosDes posted on 02 Feb 2013, 01:44 0 0

5. ray77 posted on 01 Feb 2013, 07:29 7 4

6. tiara6918 posted on 01 Feb 2013, 07:43 3 0

9. kaliil10 posted on 01 Feb 2013, 09:27 0 0

10. Commentator posted on 01 Feb 2013, 10:34 0 0

11. ibap posted on 01 Feb 2013, 11:57 0 0

12. MorePhonesThanNeeded posted on 01 Feb 2013, 14:26 0 0

15. laheelahee posted on 02 Feb 2013, 15:14 0 0

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