Brother of Samsung chief loses $1.1-billion inheritance appeal
SEOUL (AFP) - The elder brother of South Korea's richest man, Samsung Electronics chairman Lee Kun Hee, lost his court appeal on Thursday for an US$850 million (S$1.1 billion) share of his sibling's inherited wealth.
The Seoul High Court upheld a lower court ruling allowing Mr Lee to retain all his shareholdings in the giant conglomerate that members of his family had accused him of hiding from them following the death in 1987 of his father and Samsung founder Lee Byung Chul.
The collective family claim had amounted to 4.1 trillion won (S$4.8 billion), and Mr Lee's elder brother Lee Maeng Hee had appealed to the High Court over his 940 billion won share.
While the court found that some shares claimed by Mr Lee Maeng Hee had indeed been bequeathed to him, it noted that the 10-year statute of limitations on inheritance claims had expired.