S.Korea Court Rules In Favour Of LG Chair In Inheritance Lawsuit

SEOUL, Feb 12 (Bernama-Yonhap) -- A South Korean court on Thursday ruled in favour of LG Group Chairman Koo Kwang-mo in an inheritance lawsuit filed by other family members of his late adoptive father and predecessor, Koo Bon-moo, Yonhap News Agency reported.

The Seoul Western District Court made the ruling in the lawsuit filed in February 2023 by the late LG chairman's wife Kim Young-sik and two daughters, who demanded the cancellation of the inheritance that took place following Bon-moo's death in May 2018.

The late chairman left behind 2 trillion won (US$1.38 billion) worth of assets, including 11.28 per cent of LG Corp., the holding company of the nation's fourth-largest conglomerate, and the younger Koo inherited 8.76 per cent of the company.

Kim and the two daughters received an inheritance worth 500 billion won, including 2.01 per cent of LG Corp. for the first daughter, 0.51 per cent for the second daughter, and the late chairman's personal assets such as financial investment products, real estate and artwork.

The plaintiffs demanded the inheritance be divided again, according to the relevant law where the spouse and children inherit assets in a 1.5-to-1 ratio.

But Chairman Koo's side has refuted their claim, citing a family agreement and testimony from group officials that the late chairman handpicked Kwang-mo as his successor and expressed intent to give all management assets to him.

The court accepted the chairman's argument and dismissed the plaintiffs' claims.

Kwang-mo was born as a son of Bon-moo's younger brother and adopted by the late chairman in 2004 to maintain the group's long-held tradition of the eldest son taking management control.

-- BERNAMA-YONHAP