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lee kun-hee

Samsung chairman fends off family's lawsuit in $4 billion win

Samsung Chairman Lee Kun-hee is breathing a sigh of relief today after a Korean court ruled that he won't need to hand over assets to family members.

Lee's siblings sued him over their contention that he hid from them billions of dollars in shareholdings he inherited from his father, Samsung's founder. However, Lee argues that the shares he was given are his and that he can do what he wants with them. The court agreed.

For Lee's family, it's a major loss. According to Reuters, which was first to report on the ruling, Lee's … Read more

Ex-Samsung chairman convicted of tax evasion

A South Korean court on Wednesday found former Samsung Group Chairman Lee Kun-hee guilty of tax evasion and sentenced the former executive to a three-year jail sentence, according to an Associated Press report.

But Lee will not be going to jail at this point, since his prison sentence was suspended for five years. Prosecutors had been seeking a seven-year prison sentence.

Lee, however, will have to pay a fine of 110 billion won, or $109 million, as restitution for the tax evasion conviction. Prosecutors had been seeking substantially more--a fine of 350 billion won, or $347 million. Lee is the … Read more

Samsung chief indicted on tax evasion charges

Samsung Chairman Lee Kun-Hee was indicted on charges of evading taxes on billions of dollars he hid in stock accounts under the names of his aides, The New York Times is reporting.

He also faces criminal charges of breach of trust, stemming from his involvement in arranging for company subsidiaries "to sell stock to his son" at "unfairly low prices" to help his son "take over management control," The Times says. Lee was cleared, however, of more serious allegations he starting a slush fund worth $215 million used to bribe prosecutors, judges, and other public officials.… Read more