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Samsung chairman Lee Kun-Hee wins inheritance case | Samsung chairman Lee Kun-Hee wins inheritance case |
(about 2 hours later) | |
The chairman of Samsung Electronics has won a legal battle over an inheritance worth nearly $4bn (£2.5bn). | |
Lee Kun-Hee, South Korea's richest man, was sued by his siblings who had sought a bigger stake in Samsung companies. | Lee Kun-Hee, South Korea's richest man, was sued by his siblings who had sought a bigger stake in Samsung companies. |
The case centred around shares in Samsung Life Insurance and Samsung Electronics which the siblings accused Mr Lee of hiding from them. | The case centred around shares in Samsung Life Insurance and Samsung Electronics which the siblings accused Mr Lee of hiding from them. |
A ruling against Mr Lee could have diluted his holding and his grip on one of South Korea's biggest groups. | |
According to the 2012 Forbes Rich List, Lee Kun-Hee was the richest man in South Korea with a personal fortune of $8.3bn. | According to the 2012 Forbes Rich List, Lee Kun-Hee was the richest man in South Korea with a personal fortune of $8.3bn. |
Rapid growth | Rapid growth |
Samsung was founded by Lee Kun-Hee's father Lee Byung-chull selling dried fish in South Korea in 1938. | Samsung was founded by Lee Kun-Hee's father Lee Byung-chull selling dried fish in South Korea in 1938. |
Lee Kun-Hee took over the chairmanship of Samsung in 1987 after his father died. | Lee Kun-Hee took over the chairmanship of Samsung in 1987 after his father died. |
However, in April 2008, he resigned in disgrace after being charged with tax evasion and breach of trust. | However, in April 2008, he resigned in disgrace after being charged with tax evasion and breach of trust. |
He was convicted on the tax charges, but was given a presidential pardon in 2009 and returned to lead Samsung in 2010. | He was convicted on the tax charges, but was given a presidential pardon in 2009 and returned to lead Samsung in 2010. |
The Samsung Group has seen tremendous growth in the past few years and now includes electronics, shipbuilding, telecoms, and construction among its companies. | The Samsung Group has seen tremendous growth in the past few years and now includes electronics, shipbuilding, telecoms, and construction among its companies. |
Its electronics division has been among the most successful ones, and is now the world's biggest phone and TV maker. | Its electronics division has been among the most successful ones, and is now the world's biggest phone and TV maker. |
Last month, Samsung Electronics reported record quarterly profit of 7.04tn won ($6.6bn; £4.2bn) for the October to December period. | Last month, Samsung Electronics reported record quarterly profit of 7.04tn won ($6.6bn; £4.2bn) for the October to December period. |
In December, the firm promoted the chairman's son, Jay Y. Lee, to the post of vice chairman. | In December, the firm promoted the chairman's son, Jay Y. Lee, to the post of vice chairman. |
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