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Samsung Fortune Fuels Family Feud

Chairman is being sued by his own family

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Samsung Fortune Fuels Family Feud
[ Business]

Lee Kun-hee is the chairman of Samsung Electronics. He resigned as chairman of Samsung on April 21, 2008 owing to Samsung Slush funds scandal, but returned on March 24, 2010. He received a three year suspended jail term after he was found guilty of making illegal bond deals.

His dirty dealings brought huge losses to Samsung Data Systems.

The court found 67-year-old Lee guilty of forcing the company to sell bonds with warrants to his son and daughters at a huge discount in 1999. The sale cost $180 million to the sales integration unit of Samsung.

Now the big bossman is trying to keep his siblings from claiming more money from their father’s (Lee Byung-chull ) inheritance.

“If they file suits against me, I will take the same actions and I am even thinking of going to the Constitutional Court, taking it a step further than the Supreme Court. I have no intention of giving them any money.”

Lee’s elder brother, Lee Maeng-hee, initiated the inheritance suit in February; since then, two other family members have joined him. The siblings could win over 100 billion dollars.

When asked if he was hurt by the fact that his own sibling raised the suits, he said, “No, I don’t feel hurt since they are not my competition.”

At least his children aren’t suing him.

Samsung Fortune Fuels Family Feud
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