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Ku Kwang-mo, Chairman of LG Group. (Photo: Yonhap News) |
[Alpha Biz= Kim Jisun] The wife and daughters of the late LG Group Chairman Koo Bon-moo have filed an appeal after losing a court case over the division of his inheritance.
According to legal sources on March 4, Kim Young-shik, the widow of the late chairman, along with their two daughters—Koo Yeon-kyung, head of the LG Welfare Foundation, and Koo Yeon-soo—submitted an appeal to the Seoul Western District Court.
Last month, the court of first instance ruled against the three plaintiffs in a lawsuit seeking recovery of inheritance from LG Group Chairman Koo Kwang-mo.
The court determined that the family agreement on the division of the estate had been validly drafted and that there had been no deception in the process of preparing the agreement in accordance with the late chairman’s wishes.
It also found that Kim and her daughters had been informed of the terms of the agreement and had expressed specific intentions regarding individual assets. The court therefore concluded that the finance management team’s signing of the agreement on their behalf was legitimate.
Koo Bon-moo, who passed away in May 2018, left an estate reportedly worth about 2 trillion won, including an 11.28 percent stake in LG Corp.
Under the inheritance arrangement, LG Chairman Koo Kwang-mo inherited an 8.76 percent stake in LG, while Koo Yeon-kyung and Koo Yeon-soo received 2.01 percent and 0.51 percent, respectively.
However, Kim and her daughters later challenged the inheritance process, arguing that they had agreed to transfer most of the shares to Koo Kwang-mo under the belief that a will existed, when in fact there was no will.
Koo Kwang-mo’s side has rejected the claim, stating that the division of the inheritance was carried out through proper legal procedures.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
