Forbes names Samsung chair S. Korea's richest man

Forbes names Samsung chair S. Korea's richest man

PanARMENIAN.Net - Samsung Electronics chairman Lee Kun-Hee, currently embroiled in an inheritance dispute with his siblings, remains South Korea's richest man, according to a Forbes magazine ranking, AFP reported.

The 70-year-old, who transformed the company into the world's top chipmaker and second-largest mobile phone maker, has an estimated net worth of $10.8 billion, up $1.5 billion from 2011, said the U.S. publication, on Thursday, April 26.

Lee is engaged in a bitter legal dispute with his elder brother and sister over the vast family inheritance left by their father who founded the group.

Lee Maeng-Hee, 80, accuses the Samsung boss of taking over some shares in Samsung group subsidiaries which their father and group founder Lee Byung-Chull had held under the names of other people.

He demanded his brother return some shares in Samsung units along with cash, worth 710 billion won ($623 million) in total. Their sister Lee Sook-Hee followed with a separate suit.

Chung Mong-Koo, chairman of the country's largest automaker Hyundai Motor, was ranked second in the Forbes list with a net worth of $6.6 billion, followed by Kim Jung-Joo, a 44-year-old founder of online game company Nexon.

Kim's net worth was $4.3 billion, Forbes said, calling his success as a self-made entrepreneur with no family-related business connections "remarkable."

Jay Y. Lee, Samsung Electronics' chief operating officer and the chairman's first son, was ranked fourth with a net worth of $3.8 billion.

Lee Myung-Hee, Kun-Hee's younger sister and the chief of major retailer the Shinsegae Group, was 11th with an estimated net worth of $1.68 billion. This made her the country's wealthiest woman.

 Top stories
"This is way over the top and unacceptable," said attorney Mohammed Zarie, who heads a rights center in Cairo.
David Cameron said the ban would be imposed on MPs that "have been pushing for the unacceptable steps that have been taken.
“All sides need to remember that compromise means getting less than 100%,” Polish Foreign Minister Radoslaw Sikorski said.
The IAEA reported in 2008 that the laser facilities had been taken over by a private company that said it had no plans to enrich uranium.
Partner news
Soghomon Tehlirian assassinated Talaat Pasha on March 15, 1921

Operation Nemesis was a covert operation by the Armenian Revolutionary Federation carried out from 1920 to 1922, during which a number of former Ottoman political and military figures were assassinated for their role in the Armenian Genocide.