Seoul: A court on Thursday ruled in favor of LG Group Chairman Koo Kwang-mo in an inheritance lawsuit filed by other family members of his late adoptive father and predecessor, Koo Bon-moo.

According to Yonhap News Agency, the Seoul Western District Court made the ruling in the lawsuit filed in February 2023 by the late LG chairman's wife, Kim Young-sik, and two daughters. They had demanded the cancellation of the inheritance arrangement that followed Koo Bon-moo's death in May 2018.

The late chairman had left behind assets worth 2 trillion won (US$1.38 billion), which included an 11.28 percent stake in LG Corp., the holding company of South Korea's fourth-largest conglomerate. The younger Koo inherited 8.76 percent of the company.

Kim and the two daughters received an inheritance valued at 500 billion won, comprising 2.01 percent of LG Corp. for the first daughter, 0.51 percent for the second daughter, and the late chairman's personal assets such as financial investment products, real estate, and artwork.

The plaintiffs sought a redistribution of the inheritance based on the relevant law where the spouse and children inherit assets in a 1.5-to-1 ratio. However, Chairman Koo's representatives countered their claim, referencing a family agreement and testimony from group officials that the late chairman had specifically chosen Koo Kwang-mo as his successor, intending to pass all management assets to him.

The court accepted Chairman Koo's argument and dismissed the plaintiffs' claims, affirming his position as the rightful heir to the management assets. Koo Kwang-mo, originally born as a son of Koo Bon-moo's younger brother, was adopted by the late chairman in 2004 to uphold the group's tradition of the eldest son assuming management control.