Avery Associates, specialists in all matters concerning valuations for probate bring you the latest IHT news……….
An inheritance battle has erupted between the boss of Samsung and his brother concerning their father’s inheritance.
Family inheritance issues can often become very bitter, especially when one party believes that they are not getting what is rightfully theirs.
Now the chairman of Samsung, the South Korean firm, is being sued by his own brother regarding company shares in their father’s inheritance worth millions of dollars.
Lee Maeng-Hee is suing Lee Kun-Hee for nearly £400 million due to the issue of 8 million shares in Samsung Life Insurance and a further 20 shares in Samsung Electronics which were inherited from their father.
Lee Maeng-Hee claims that his brother is keeping the shares unlawfully. The company is not commenting on the matter because it is a civil suit.
Their father, Lee Byung-chull, founded Samsung in 1938 and it is now a company with a multi-billion dollar turnover.
It is not the first time that Lee Kun-Hee’s has faced legal problems. He took over the company in 1987, but in 2008 he resigned after he was charged with tax evasion. However, after receiving a presidential pardon, he returned to head the company two years later.
Lee Kun-Hee was named as the richest man in South Korea in 2010 with an estimated worth of $7.9 billion.
It is unclear at the moment where the inheritance battle will lead, but it may well lead to bad feelings on both sides. This is very common in inheritance lawsuits and families are often divided when some parties feel that they have been unfairly treated.
The key is to ensure that a will is always drawn up, even if the estate is not as large as that owned by the Samsung chairman. A will can help to clarify matters simply and easily and prevent a lot of ill feeling and costly court battles.
For information and advice concerning all matters relating to valuations for probate call Jeffrey Avery on 0800 567 7769