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Samsung chairman sued by his nephew's family
SEOUL, March 28 (Yonhap)-- Samsung Electronics Co. chairman Lee Kun-hee is being sued by yet more relatives belatedly demanding a share of his inheritance from his father, Samsung founder Lee Byung-chull.

   In February, Lee, the third son of the group founder, was sued by an elder brother and elder sister, over their father's legacy.

   The latest lawsuit has been filed by the family of Lee's nephew.


The wife and two sons of the late Lee Jae-chan, a grandson of the Samsung founder, have filed an inheritance suit against the chairman, demanding the return of about 100 billion won (US$89 million) in stocks and cash, according to their law firm Wednesday.

   Lee Jae-chan, who killed himself in 2010 after a series of business failures, was the only son of Lee Chang-hee, the second son of the Samsung founder.

   The law firm said Lee Jae-chan's wife claimed 454,847 of Chairman Lee's shares in Samsung Life Insurance Co., 10 preferred and 10 common stocks in Samsung Electronics, and another 100 Samsung Life stocks, along with 100 million won in cash.

   Her two sons asked for 300,231 shares in Samsung Life, 10 preferred and 10 common stocks in Samsung Electronics, and another 100 Samsung Life stocks, along with 100 million won.

   The legal action comes nearly a month after the chairman was sued on similar grounds by his eldest brother Lee Maeng-hee and elder sister Lee Sook-hee, who demanded their younger brother return part of the sum their father passed on before dying in 1987. Their suits claimed their father left shares for all of his offspring and that the chairman concealed the bulk of group stocks.

   Lee Byung-chull, who in 1938 founded the company that is now South Korea's largest business conglomerate, had eight children and Lee Kun-Hee inherited the majority of wealth.

   Lee Maeng-hee asked the court to order the Samsung chairman to give back wealth worth about 710 billion won, while Lee Sook-hee sought the return of stocks worth 190 billion won, according to Seoul court's records.

   All told, the plaintiffs in the three separate lawsuits are seeking nearly 1 trillion won of Lee Kun-hee's assets.

   The Samsung chairman became South Korea's richest shareholder with his holdings topping a milestone 10-trillion won in value earlier this month, fueled by the country's bullish stock market.