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Koo Kwang-mo, Chairman of LG Group. (Photo courtesy of Yonhap News Agency) |
[Alpha Biz= Paul Lee] Court Dismisses Claim by Widow and Daughters Seeking Redistribution of KRW 2 Trillion Estate
Koo Kwang-mo, Chairman of LG Group, has prevailed in a legal dispute over the inheritance of assets left by his late father, former LG Chairman Koo Bon-moo.
On Feb. 11, the 11th Civil Division of the Seoul Western District Court ruled against the plaintiffs—Koo Bon-moo’s widow, Kim Young-sik, and his two daughters, Koo Yeon-kyung and Koo Yeon-soo—dismissing their lawsuit seeking recovery of inheritance.
The ruling marks the first-instance conclusion of a legal battle that began in February 2023, when the family members filed suit demanding a redistribution of the estate nearly four years after Koo Bon-moo’s passing.
The late chairman’s estate, valued at approximately KRW 2 trillion, included a 11.28% stake in LG Corp. Koo Kwang-mo inherited 8.76% of that stake.
Kim and her two daughters received a combined inheritance worth about KRW 500 billion, including portions of LG Corp. shares (2.01% for Koo Yeon-kyung and 0.51% for Koo Yeon-soo) as well as financial investment assets, real estate, and artworks owned personally by the late chairman.
The plaintiffs argued that they had agreed to the original distribution under the belief that a will existed granting all shares to Koo Kwang-mo. Claiming mistake or misrepresentation, they sought to invalidate the agreement and requested redistribution based on statutory inheritance ratios under Korean law (1.5 for the spouse and 1 for each child).
Koo Kwang-mo’s legal team countered that the late chairman had clearly expressed his intention for Koo Kwang-mo to succeed him as group chairman and inherit the management-related assets. They cited testimony from group officials and the existence of a family agreement.
The court sided with Koo Kwang-mo, rejecting the plaintiffs’ claims and upholding the original inheritance arrangement.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
