Samsung chairman Lee Kun-hee is breathing a sigh of relief today after a Korean court ruled that he won't need to hand over assets to family members that have sued him.
Lee's siblings sued him over their contention that he hid from them billions of dollars in shareholdings he inherited from his father, Samsung's founder. However, Lee argues that the shares he was given are his, and he can do what he wants with them. The court agreed.
For Lee's family, it's a major loss. According to Reuters, which was first to report on the ruling, Lee's siblings were seeking nearly $4 billion in assets from Samsung Group. If they had won, Lee's ownership in Samsung, which currently stands at over 20 percent, would have been reduced.
Speaking to reporters, Lee's family's attorney Cha Dong-eon said that the ruling was "totally unexpected," and his clients have yet to decide whether to appeal it.
Lee's victory now paves the way for him to continue on his implementation of a succession plan. Last year, he appointed his 44-year-old son Jay Y. Lee as vice chairman, hinting that he will eventually take over Samsung.
Samsung chairman fends off family's lawsuit in $4 billion win
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Samsung chairman fends off family's lawsuit in $4 billion win
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Samsung chairman fends off family's lawsuit in $4 billion win
