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Wednesday, 14 November 2012 - Samsung feud engulfs memorial service for founder |
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      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. 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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.

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