An unprecedented quarrel has begun at LG Group, which is famous for not having a dispute over
its inheritance. LG Chairman Gu Kwang-mo filed a lawsuit against his father, former Chairman Koo Bon-moo's wife and two daughters, claiming that their inheritance should be redivided.
Reporter Kim so-young will tell you the details.
Former LG chairman Koo Bon-moo, who passed away in May 2018.
Of the 5 trillion won worth of former Chairman Koo's fortune, 2.11% of LG shares were inherited by his son Gu Kwang-mo, current LG Chairman 28.8%, first daughter Koo Yeon-kyung, CEO of LG Welfare Foundation 76.2%, and second daughter Koo Yeon-su 01.0%, excluding his spouse Kim Young-sik.
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 for inheritance recovery.
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.
Chairman Gu Kwang-mo was originally the eldest son of Heesung Group Chairman Gu Kwang-moo, the younger brother of the late Chairman Koo Bon-moo, but Chairman Koo, who lost his only son in an accident, adopted the 1-year-old Chairman Koo in 1 to succeed the firstborn, a 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 as well as management rights.
When the inheritance lawsuit became known, LG stock soared more than 1947% today (75th) on the grounds that the "management dispute" could lead to a competition between the two sides to acquire a stake.
(Video editing : Kim Jin-won, CG : Seo Seung-hyun)
An unprecedented inheritance battle... LG: "No attempt to shake management"
An unprecedented quarrel has begun at LG Group, which is famous for not having a dispute over its inheritance. LG Chairman Gu Kwang-mo filed a lawsuit against his father, former Chairman Koo Bon-moo's wife and two daughters, claiming that their inheritance should be redivided.