Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
Edition:
U.S.
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Home
Business
Business Home
Economy
Technology
Media
Small Business
Legal
Deals
Earnings
Social Pulse
Business Video
The Freeland File
Aerospace & Defense
Investing Simplified
Markets
Markets Home
U.S. Markets
European Markets
Asian Markets
Global Market Data
Indices
M&A
Stocks
Bonds
Currencies
Commodities
Futures
Funds
peHUB
Dividends
World
World Home
U.S.
Brazil
China
Euro Zone
Japan
Mexico
Russia
India Insight
World Video
Reuters Investigates
Decoder
Politics
Politics Home
Election 2012
Campaign Polling
Supreme Court
Politics Video
Tech
Technology Home
MediaFile
Science
Tech Video
Tech Tonic
Social Pulse
Opinion
Opinion Home
Chrystia Freeland
John Lloyd
Felix Salmon
Jack Shafer
David Rohde
Nader Mousavizadeh
Lucy P. Marcus
Nicholas Wapshott
Bethany McLean
Anatole Kaletsky
Edward Hadas
Hugo Dixon
Ian Bremmer
Lawrence Summers
Susan Glasser
The Great Debate
Steven Brill
Reihan Salam
Frederick Kempe
Christopher Papagianis
Mark Leonard
Breakingviews
Equities
Credit
Private Equity
M&A
Macro & Markets
Politics
Breakingviews Video
Money
Money Home
Tax Break
Lipper Awards 2012
Global Investing
MuniLand
Unstructured Finance
Linda Stern
Mark Miller
John Wasik
James Saft
Analyst Research
Alerts
Watchlist
Portfolio
Stock Screener
Fund Screener
Personal Finance Video
Money Clip
Investing 201
Life
Health
Sports
Arts
Faithworld
Business Traveler
Entertainment
Oddly Enough
Lifestyle Video
Pictures
Pictures Home
Reuters Photographers
Full Focus
Video
Reuters TV
Reuters News
Article
Comments (0)
Follow Reuters
Facebook
Twitter
RSS
YouTube
Read
Emails that touched off scandal described CIA director's movements
13 Nov 2012
Anti-austerity strikes sweep Europe
7:46am EST
Britain condemned for "mad house" care of schizophrenia patients
13 Nov 2012
Civilian social ties make Tampa desirable posting for generals
1:01am EST
Top Hamas commander killed in Israeli airstrike
10:47am EST
Discussed
168
Obama plans ”fiscal cliff” statement as showdown looms
114
Republicans say deal can be done on ”fiscal cliff”
89
Obama win shows demographic shifts working against Republicans
Sponsored Links
Samsung feud engulfs memorial service for founder
Tweet
Share this
Email
Print
Related News
Goldman Sachs shutting South Korea asset management unit
Tue, Nov 13 2012
North Korea's economic dreams are, well ... dreams
Mon, Nov 5 2012
First iPad mini teardown reveals Samsung display
Thu, Nov 1 2012
Hyundai Motor posts record Oct sales, but shares fall on recall talk
Thu, Nov 1 2012
North Korean bootmakers want to score with Messi
Tue, Oct 30 2012
Related Topics
Tech »
A man walks with an umbrella at the compound of the headquarters of Samsung Electronics in Seoul July 6, 2012.
Credit: Reuters/Lee Jae-Won
By Joyce Lee
SEOUL |
Wed Nov 14, 2012 5:09am EST
SEOUL (Reuters) - A feud at South Korea's giant Samsung Group over the family fortune has spilled from the courts into an ancestral rite to commemorate the group's deceased founder, a traditional Korean ceremony where family attendance is mandatory.
Descendants of Samsung founder Lee Byung-chull, including Samsung Electronics Chairman Lee Kun-hee, are holding separate memorial services for the first time in 25 years, South Korea's CJ Group said on Wednesday.
The two branches of the Lee family, South Korea's richest business dynasty, are engaged in a bitter legal battle over billions of dollars worth of shares in Samsung group companies and traded barbs.
Lee Kun-hee was worth an estimated $8.3 billion, according to Forbes Magazine, as of March 2012.
Kun-hee's brother, Lee Maeng-hee has dubbed his sibling "greedy" and "childish", while Lee Kun-hee has shot back saying that his accuser was "kicked" out of the family and that he had not observed the family rites.
CJ Group said in a statement that the Samsung Hoam Foundation, which oversees the yearly event, informed CJ Chairman Lee Jay-hyun's secretary that he and his immediate family "will not be able to use the front door" to the burial site when going to pay their respects.
"Samsung's notification to ‘come and go by the back door' is tantamount to blocking the normal ancestral rites of other siblings and their descendants," CJ Group said in a statement.
CJ Group Chairman Lee Jay-hyun is the son of Maeng-hee who is suing over the ownership of shares in Samsung Electronics, which makes the world's best selling smartphone, and Samsung Life, an insurance company at the heart of the sprawling Samsung Group business empire.
The Lee family usually gathers at the November 19 ceremony, a tradition from Korea's Confucianist roots that extols the virtue of honoring one's ancestors.
South Koreans traditionally gather to offer specially-prepared food and to bow before the ancestor's burial mound on these anniversary days.
Samsung Group in a statement said that the feuding family groups would be holding separate memorial services, but said the path it had asked to be used was the one used every year by Samsung Group leaders coming to pay their respects.
South Korea is no stranger to the kind of family feuds that have engulfed other Asian dynasties such as India's Ambani family.
Hyundai Group, once the biggest of the chaebol, or conglomerates, that dominate South Korea's economy, split into two after a row between two brothers, one side becoming Hyundai Motor Co and the other Hyundai Group.
Samsung Group itself may be on the verge of sensitive transition as Lee Kun-hee prepares his son, Jay Lee, to take over the leadership. ($1 = 1089.9400 Korean won)
(Editing by David Chance and Jonathan Thatcher)
Tech
Related Quotes and News
Company
Price
Related News
Tweet this
Link this
Share this
Digg this
Email
Reprints
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (0)
Be the first to comment on reuters.com.
Add yours using the box above.
Edition:
U.S.
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Back to top
Reuters.com
Business
Markets
World
Politics
Technology
Opinion
Money
Pictures
Videos
Site Index
Legal
Bankruptcy Law
California Legal
New York Legal
Securities Law
Support & Contact
Support
Corrections
Connect with Reuters
Twitter
Facebook
LinkedIn
RSS
Podcast
Newsletters
Mobile
About
Privacy Policy
Terms of Use
AdChoices
Copyright
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
Thomsonreuters.com
About Thomson Reuters
Investor Relations
Careers
Contact Us
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.