South Korea $10 Billion LG Group Founding Family & Chaebol 4th Generation Inheritance Lawsuit Filed by Wife & 2 Daughters of the Late Koo Bon-moo Against Nephew Turned Adopted & Only Son Koo Kwang-mo Who Inherited 8.67% Worth $552 Million, No Will & Lawsuit Filed to Redistribute Assets According to South Korea Inheritance Law
28th December 2023 | Hong Kong
South Korea LG Group (27/12/23: $10 billion market capitalization) founding family & chaebol is engaged in a 4th generation inheritance lawsuit filed by wife (Kim Young-sik) and 2 daughters (Koo Yeon-kyung and Koo Yeon-soo) of the late Koo Bon-moo against nephew turned-adopted & only son Koo Kwang-mo (LG Chairman). The late Koo Bon-moo (died in 2018) did not leave a will and the lawsuit was filed to redistribute assets according to South Korea inheritance law. The late Koo Bon-moo had held 11.19% of LG shares. Adopted & only son Koo Kwang-mo (LG Chairman) had inherited 8.67% worth $552 million (2019), Koo Bon-moo’s wife (Kim Young-sik) had received no LG shares, his 2 daughters Koo Yeon-kyung received 2.01% LG shares and Koo Yeon-soo received 0.51% LG shares. The lawsuit was filed in March 2023 to determine if the previous inheritance agreement was reached legitimately. South Korea inheritance law (interstate succession) states that the spouse (LG’s wife) should have 50% more share than the other co-heirs (Children, Grandchildren) – For LG family, wife (Kim Young-sik) should receive 33.3%, and each child (3) should receive 22.2%. LG Group was founded by Koo In-hwoi (Lam Hui Chemical Industrial Corp) in 1947 and his son Koo Cha-kyung succeeded in 1969. In 1995, Koo Bon-moo took over the leadership and renamed the company to LG. Koo Bon-moo, whose only son had died in 1994, adopted Koo Kwang-mo as his son in 2004. In 2018, Koo Bon-moo died and his adopted son Koo Kwang-mo was appointed the CEO. Koo Kwang-mo is the 4th generation of the LG Group founding family.
“ South Korea $10 Billion LG Group Founding Family & Chaebol 4th Generation Inheritance Lawsuit Filed by Wife & 2 Daughters of the Late Koo Bon-moo Against Nephew Turned Adopted & Only Son Koo Kwang-mo Who Inherited 8.67% Worth $552 Million, No Will & Lawsuit Filed to Redistribute Assets According to South Korea Inheritance Law “
South Korea $10 Billion LG Group Founding Family & Chaebol 4th Generation Inheritance Lawsuit Filed by Wife & 2 Daughters of the Late Koo Bon-moo Against Nephew Turned Adopted & Only Son Koo Kwang-mo Who Inherited 8.67% Worth $552 Million, No Will & Lawsuit Filed to Redistribute Assets According to South Korea Inheritance Law
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