CJ boss adds drama to Lee family feud

CJ boss adds drama to Lee family feud

CJ Chairman Lee Jay-hyun By Kim Tae-jong CJ Group Chairman Lee Jay-hyun is suspected of being deeply involved in the inheritance fight between his father and uncle, the two sons of Samsung Group founder Lee Byung-chull. The family feud dates back to 1977 when the conglomerate’s founder officially appointed his third child Lee Kun-hee, now Samsung Electronics Chairman, as his successor, overlooking eldest son Lee Maeng-hee, father of Lee Jay-hyun. The conflict was made public on Feb. 14, when Lee Maeng-hee filed an inheritance suit against his younger brother, claiming he should receive his share by way of a large number of stocks, which his brother secretly incorporated into his assets. The discord between the brothers turned even nastier as Lee Sook-hee, one of the founder’s daughters, also filed an inheritance suit against her brother on similar grounds. Lee Maeng-hee and Lee Sook-hee demanded 710 billion and 190 billion won in shares respectively from Lee Kun-hee. The brother and sister argue that their father left shares of the group’s affiliates for all of his offspring to inherit, not Lee Kun-hee alone. Now the question is whether CJ Group Chairman Lee Jay-hyun helped his father file the lawsuit, although he has strongly denied any involvement. Some industry insiders believe that Lee Jay-hyun and his father have long prepared for the suit since they learned that Lee Kun-hee inherited shares in Samsung Life Insurance and Samsung Electronics upon the death of their father in 1987 and had managed them under borrowed names until it was discovered by prosecutors last year. Some predict that other children of the group’s founder will take similar steps to claim their portion. In theory, such collective moves could strike a blow to Lee Kun-hee’s plan to have his son Lee Jae-yong inherit his group as his control on the conglomerate may be threatened due to decreased shares. The group founder had three sons and five daughters. Regarding such expectations, CJ Group has maintained its initial stance that it has nothing to do with the lawsuit, as it is a matter between the two brothers. But according to some media reports, an employee in CJ Group’s legal department together with a lawyer representing Lee Maeng-hee went to China on the same plane just days before the eldest son took legal steps against his younger brother. Lee Maeng-hee now lives in China. Many raised suspicions that the CJ Group employee and the lawyer met with Lee Maeng-hee together to finalize legal measures. Samsung Group also seems to suspect an active role by CJ Group in the lawsuit, based on its reactions. Samsung Group is now under suspicion that it ordered one of its employees to follow Lee Jay-hyun for over a week. CJ Group accused a 42-year-old man working for Samsung C&T of following Chairman Lee Jay-hyun for over a week, revealing closed-circuit television footage of a man circling his residence in different cars. The police launched an investigation into the case last week. Samsung C&T has denied the accusation, saying the man visited the place in question to check out a plot of land that might be used for a development project.