Seoul: LG Group Chairman Koo Kwang-mo on Thursday misplaced a lawsuit he filed collectively together with his relations to get well a part of the almost $735.7 billion (1 trillion received) in inheritance taxes imposed following the demise of former Chairman Koo Bon-moo.
After the previous chairman’s demise in 2018, a mixed 990 billion received in taxes had been imposed on Koo Kwang-mo and different members of the proudly owning household for his or her inheritance value about two trillion received that included an 11.28 per cent share in LG Corp, the holding firm of LG Group, certainly one of South Korea’s largest family-controlled conglomerates, studies Yonhap Information Company.
Koo, together with his mom and two sisters, has since filed a lawsuit in opposition to the chief of the Nationwide Tax Service’s Yongsan district workplace, difficult what they declare to be an extreme tax imposition and demanding the cancellation of a part of it.
The Seoul Administrative Court docket dominated in opposition to the household with out elaborating on the reasoning behind the choice.
The Koo household demanded a recalculation of the worth of the inherited 1.12 per cent unlisted share in LG CNS, an IT service administration agency, within the go well with. If the courtroom had dominated in favour of the household, they might have recouped 1 billion received out of the taxes paid.
Koo’s aspect had argued that the worth of the unlisted CNS share was calculated primarily based on trades between small shareholders and the calculated determine can differ from the precise market costs.
Presently, Koo is dealing with a separate lawsuit from his mom and sisters, who’re demanding a redivision of the inheritance.
Koo inherited an 8.76 per cent share in LG Corp, changing into the largest shareholder, whereas his two sisters got shares of two.01 per cent and 0.51 per cent, respectively, together with the late chairman’s private property.
Koo is the nephew of the late chairman, who adopted him in 2004 after his solely son died in a automobile accident, and have become LG chairman in June 2018.
