Samsung’s family feud under way over inheritance

October 3, 2013 Leave a comment

Samsung’s family feud under way over inheritance

Sohn Jae-gwon

2013.10.02 14:25:02

“Late chairman Lee Byung-chul, founder of Samsung Group, did not want the current chairman Lee Kun-hee to inherit the conglomerate singlehandedly. The founder formed a group ‘Seung-ji’ to reach major decisions concerning Samsung Group.” “No. The deceased founder set up the Seung-ji in an effort to allow Lee Kun-hee to have management right overarching other subsidiaries.” The legal dispute between the late founder’s eldest son, Lee Maeng-hee, and Samsung Group is shifting its focus to Seung-ji group and what the founder intended to accomplish with the group. In the second round of a civil appeal case brought to the Seoul High Court Tuesday, lawyers representing Lee Maeng-hee, former chairman of Cheil Fertilizer, said “the late chairman created Seung-ji group to check Lee Kun-hee’s sole inheritance of management right,” unveiling Seung-ji group publicly for the first time. Both Lee Maeng-hee and Samsung Group acknowledge the existence of Seung-ji group. Reportedly, late Samsung founder Lee Byung-chul ordered five figures – then Samsung Group’s chief secretary, chairman Lee Kun-hee, Shinsegae Group chairwoman Lee Myung-hee and Lee Mang-hee’s wife Sohn Bok-nam – to discuss major issues at the ‘Seungji’ meeting. “The existence of ‘Seung-ji’ lies in leading Samsung Group under five leaders, not solely by Lee Kun-hee,” noted a close aid to Lee Mang-hee. However, Samsung noted, “Lee Kun-hee had willingness to succeed the group and other companies including Cheiljedang (currently CJ) whose ownership is transferred to other brothers and sisters should be under the control of Lee Kun-hee as well.”

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