LG Group Chairman Koo Kwang-mo has won a significant inheritance lawsuit brought against him by family members of his late adoptive father and predecessor, Koo Bon-moo. The ruling was delivered on Thursday.
The Seoul Western District Court sided with Chairman Koo in the legal battle initiated in February 2023 by Kim Young-sik, the late LG chairman’s wife, and their two daughters. They sought to overturn the inheritance distribution that followed Koo Bon-moo’s passing in May 2018.
Koo Bon-moo’s estate was valued at 2 trillion won ($1.38 billion), including an 11.28 percent stake in LG Corp., the holding company for South Korea’s fourth-largest conglomerate. Koo Kwang-mo inherited 8.76 percent of LG Corp.
Kim Young-sik and her daughters received a combined inheritance of 500 billion won, encompassing a 2.01 percent share of LG Corp. for the eldest daughter, 0.51 percent for the younger daughter, as well as the late chairman’s personal holdings like financial investments, properties, and artwork.
The plaintiffs argued for a redistribution of the inheritance based on legal statutes allocating assets to spouses and children in a 1.5-to-1 ratio.
Chairman Koo’s legal team countered that a prior family agreement existed, and offered testimony from LG Group executives affirming that the late chairman personally chose Koo Kwang-mo as his successor and intended to bequeath all management assets to him.
The court accepted Chairman Koo’s defense, dismissing the claims made by the plaintiffs.
Following the verdict, the plaintiffs issued a statement expressing “deep regret,” asserting that the court’s decision heavily relied on biased testimony from LG Group officials. They announced plans to immediately appeal the ruling.
