- ISIL creates all-female brigade to terrorize women into following Sharia law
- ISTOOK: Obama wants to be impeached
- Obama to Latin leaders: Help with border
- Military bans troops from Baptist church event honoring ‘God’s Rescue Squad’
- ‘Pocket drones’: U.S. Army developing tiny surveillance tools for the next big war
- Belgian cafe posts sign: Dogs allowed, but Jews stay out
- Gen. Dempsey: Pentagon studying Russian readiness plans not viewed ‘for 20 years’
- John McCain: Botched, two-hour execution of murderer is ‘torture’
- House GOP ready to move border bill
- Bomb squad called after live WWII artillery washes on Cape Cod beach
Samsung chairman keeps fortune in inheritance case
Question of the Day
SEOUL, SOUTH KOREA (AP) - The chairman of Samsung Electronics has kept his fortune and control of the Samsung conglomerate after a South Korean court Friday 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 unraveling of a cross-shareholding structure that allows Lee to control the conglomerate as a minority shareholder. He is South Korea's richest person with wealth of $8 billion, according to Forbes.
The high-stakes fight also highlighted deep discord between sons of Samsung founder Lee Byung-chull, who denounced each other in public as the battle unfolded last year.
Lee Kun-hee's brother, 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 Byung-chull.
On the same grounds, Seoul Central District Court denied inheritance claims from four other family members including Lee Kun-hee's elder sister.
They sought a combined 4.1 trillion won ($3.7 billion) of stocks and cash from Lee and Samsung Everland Inc., 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 longstanding family resentments into the open, highlighting the struggles for control that can happen at the heart of South Korea's chaebol as the family-owned conglomerates that dominate the country's economy are known.
Lee Kun-hee, 71, called his older brother "greedy." Meng-hee described Lee as "acting childish."
The 81-year-old Meng-hee, the oldest of three sons, was briefly tapped to lead Samsung but gave up the leadership 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 Co. is the world's largest maker of smartphones, imitating and then out-selling the iPhone by Apple Inc.
TWT Video Picks
Second- and third-stringers eye 2016 if front-runner stumbles
- NAPOLITANO: What if our democracy is a fraud?
- ISTOOK: Obama wants to be impeached
- 'Pocket drones': U.S. Army developing tiny spies for the next big war
- 'We're coming for you, Barack Obama': Top U.S. official discloses threat from ISIL terrorists
- Michelle Obama says money in politics is bad, asks donors for 'big, fat check'
- Ted Nugent loses second casino gig for 'racist remarks'
- Russia shipping sophisticated weapons systems to Ukraine separatists
- EDITORIAL: Detroit's water 'spigot bigots'
- Obama orders Pentagon advisers to Ukraine
- Let it roll: D.C. Council hits Las Vegas on taxpayer's dime, leaves $14,000 tab
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq