dispute broke out at LG Group, which had never had a dispute over his
inheritance. LG Group Chairman Gu Kwang-moo's spouse and two daughters filed a lawsuit against his father, former Chairman Koo Bon-moo, claiming that they should redivide their property.
Sooyoung Kim is a reporter.
Former LG chairman Koo Bon-moo, who passed away in May 2018.
Of the 5 trillion won of former Chairman Koo's fortune, 2.11% of LG shares were inherited by his son Gu Kwang-mo, current LG Chairman Gu Kwang-mo, 28.8%, first daughter Koo Yeon-kyung, CEO of LG Welfare Foundation, 76.2%, and second daughter Koo Yeon-su 01.0%.
Excluding financial investment products, real estate, artworks, and other shares, the 51 billion won fortune went to his spouse, Mrs. Kim, and her two daughters.
However, on the 5th of last month, Mrs. Kim and her two daughters filed a lawsuit against Chairman Gu Kwangmo to claim the restoration of their inheritance.
It is reported that they insist that LG shares should be divided according to the usual statutory inheritance ratio at the rate of 28.1 per spouse to 5 child.
Gu was originally the eldest son of Heesung Group Chairman Gu Kwang-moo, the younger brother of the late Chairman Koo Bon-moo, but Former Chairman Koo, who lost his only son in an accident, adopted the 1-year-old Chairman Koo in 1 to succeed the firstborn, which is the tradition of LG Group.
LG has agreed on the inheritance ratio through numerous consultations between family members and has completed it legally, and it is adamant that attempts to shake management rights cannot be tolerated after the deadline to claim rights.
Since its founding in 2004, LG has inherited management rights according to the principle of birthright succession, and for 26 years, there has not been a single dispute related to property, let alone management rights.
When the inheritance lawsuit became known, LG shares soared more than 1947% on the belief that a "management dispute" could lead to competition between the two sides to acquire a stake.
(Video editing : Kim Jin-won, CG : Seo Seung-hyun)
LG Group family unprecedented inheritance dispute..."I can't tolerate it" What happened
A dispute broke out at the LG Group, which had never had a dispute over its inheritance. LG Group Chairman Gu Kwang-moo's spouse and two daughters filed a lawsuit against his father, former Chairman Koo Bon-moo, claiming that they should redivide their property.