Koo Kwang-mo wins first trial in inheritance property conflict... 'No deception'
The court ruled in favor of Koo Kwang-mo in a lawsuit regarding the inheritance of the late LG Group chairman Koo Bon-moo's estate, dismissing claims from his wife and daughters.
In a significant ruling regarding the inheritance of the late Koo Bon-moo, former chairman of LG Group, the Seoul Western District Court found in favor of Koo Kwang-mo, the current chairman. The lawsuit, initiated by Koo Bon-moo's spouse, Kim Young-sik, and their two daughters, requested a reassessment of the inheritance distribution, claiming they were misled into agreeing to the division due to the existence of a will that allegedly stated Koo Kwang-mo was to inherit all management-related assets. However, the court concluded that the claims were baseless and upheld the inheritance settlement made in 2018 following the chairman's death.
The court noted that the assets in question, including an 11.28% stake in LG Corp and other properties worth approximately 2 trillion won, had been divided in a clear agreement reached after Koo Bon-moo's passing. Koo Kwang-mo retained 8.76% of the stake, while Kim and her daughters were left with assets valued at around 500 billion won. The court referenced that the inheritance agreement was a specific expression of their intent regarding individual inheritance rights, making the allegations of deception unfounded.
The outcome of this ruling stabilizes Koo Kwang-mo's control over LG Group, alleviating immediate concerns over management risks that could have arisen from a potentially adverse decision. However, the possibility of an appeal by the plaintiffs suggests that the conflict may not be entirely resolved, potentially leading to further legal battles related to the legacy of the late chairman and the future governance of LG Group.