The chairman of Samsung has kept his fortune and control of the conglomerate after a South Korean court yesterday ruled against his older brother in an inheritance battle.
The case was watched because a ruling against Samsung's chairman, Lee Kun-hee, could have resulted in the unravelling of a cross-shareholding structure that allows Mr Lee control as a minority shareholder. He is South Korea's richest person with wealth of US$8 billion (Dh29.38bn), according to Forbes.
The high-stakes fight also highlighted deep discord between sons of the Samsung founder, Lee Byung-chull, who denounced each other in public as the battle unfolded last year.
Mr Lee's brother, Lee Meng-hee, wanted a bigger share of the Samsung cake but the court ruled that a 10-year period for inheritance claims had expired.
It also said there was not enough evidence to prove that dividends and proceeds from Samsung companies were intended as part of the inheritance from their father.
On the same grounds, Seoul's central district court denied inheritance claims from four other family members including Kun-hee's elder sister.
They sought 4.1 trillion won (Dh14bn) worth of stocks and cash from Kun-hee and Samsung Everland, a de facto holding company of the Samsung empire.
Meng-hee's lawyers said they would consider an appeal. Neither brother attended the court hearing.
The battle brought long-standing family resentments into the open, highlighting the struggles for control that can happen at the heart of the family-owned conglomerates that dominate South Korea's economy.
Kun-hee, 71, called his older brother greedy. Meng-hee, 81, described his younger sibling as childish.
Meng-hee, the oldest of three sons, was briefly tapped to lead Samsung but gave up the role that later went to his younger brother. Meng-hee lives in China and until the inheritance battle had kept a low profile. His son heads CJ, a food and entertainment conglomerate that has its roots in Samsung.
Before announcing the ruling, the judge said he wished the brothers would reconcile and live in harmony.
Samsung's vast business empire spans many industries including finance, chemicals and consumer electronics.
Samsung Electronics is the world's largest maker of smartphones.
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Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
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The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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