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Samsung chairman wins family courtroom battle to keep shares

More successful than fighting Apple
Fri Feb 01 2013, 14:36
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SAMSUNG CHAIRMAN Lee Kun-hee has managed to keep hold of his shares in the firm after winning a lawsuit brought by his own family.

Lee, the son of Samsung founder Lee Byung-chull, was given shares in Samsung's various divisions worth billions, however members of his own family disputed whether he should have control over the shares. Now a South Korean court has ruled that Lee can keep his billion dollar stakes in Samsung Electronics, Samsung Life and Samsung Everland.

Lee's family had alleged he had hidden billions in shareholdings that he inherited from his father. Lee claimed that he was his father's chosen successor and that gave him the right to do as he pleased with the shares.

While Samsung Electronics has become a household name thanks to its consumer electronics products such as the Galaxy smartphone range, the firm has a number of other business interests including Samsung Life and Samsung Everland, which operates zoos. Even if Lee had to give up part of his holdings, it is unlikely that his position within the firm would be threatened.

Cha Dong-eon, a lawyer for the plaintiffs said, "This is a totally unexpected ruling and we'll decide whether to appeal after discussing with our clients." Lee's lawyers, not surprisingly, were happy with the ruling. µ


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