Selected Cases
Corporate Governance & Management Disputes,Wills & Inheritance,Family & Non-Contentious Matters
Secured Dismissal in Taekwang Group Inheritance Dispute Based on Expiration of the Statutory Period for Recovery of Inheritance Rights
One Law Partners, LLC successfully represented the defendant, Chairman Ho-jin Lee of Taekwang Group, in three separate stock transfer actions brought by other heirs of the late Chairman Lim Im-yong concerning the inheritance of Taekwang Group assets. The firm secured judgments dismissing the stock transfer claims on the ground that the right to recover inheritance had expired because more than ten years had elapsed since the alleged infringement of inheritance rights occurred, while the related monetary claims were dismissed on the merits.
This inheritance dispute arose after additional inherited assets, including nominee-held shares and bearer bonds, were discovered during tax investigations and investigations relating to slush funds involving Taekwang Group. In 2012, lawsuits were filed seeking the transfer of shares in companies including Taekwang Industrial and Daehan Synthetic Fiber.
In all three cases, the courts held that “from around the time Chairman Lee assumed the chairmanship following his father’s death, he had exercised rights exclusively as the beneficial owner of the nominee-held shares,” and that “because the lawsuits were filed more than ten years thereafter, the right to recover inheritance could no longer be recognized.” Accordingly, the courts dismissed the stock transfer claims and rejected the related monetary claims.
The litigation involved complex legal issues concerning the right to recover inheritance, including the statutory exclusion periods requiring such claims to be brought within three years from the date the heir became aware of the infringement and within ten years from the date of the infringement itself, as well as complicated issues relating to inheritance rights involving monetary assets and other inherited property. The parties vigorously disputed both the relevant facts and applicable legal principles.
Ultimately, the courts accepted all of the factual and legal arguments advanced by One Law Partners, LLC, resulting in a complete victory. Following its successful representation in litigation involving the inheritance assets of the Samsung family, the firm once again secured a significant victory in a major inheritance dispute.
[Attorneys in Charge]
Attorney Sun-young Yoo: Tel. +82-2-3019-5451 / Email: syrhyu@onelawpartners.com
Attorney Young-joo Lee: Tel. +82-2-3019-5457 / Email: yjlee2@onelawpartners.com
[Related Articles]
This inheritance dispute arose after additional inherited assets, including nominee-held shares and bearer bonds, were discovered during tax investigations and investigations relating to slush funds involving Taekwang Group. In 2012, lawsuits were filed seeking the transfer of shares in companies including Taekwang Industrial and Daehan Synthetic Fiber.
In all three cases, the courts held that “from around the time Chairman Lee assumed the chairmanship following his father’s death, he had exercised rights exclusively as the beneficial owner of the nominee-held shares,” and that “because the lawsuits were filed more than ten years thereafter, the right to recover inheritance could no longer be recognized.” Accordingly, the courts dismissed the stock transfer claims and rejected the related monetary claims.
The litigation involved complex legal issues concerning the right to recover inheritance, including the statutory exclusion periods requiring such claims to be brought within three years from the date the heir became aware of the infringement and within ten years from the date of the infringement itself, as well as complicated issues relating to inheritance rights involving monetary assets and other inherited property. The parties vigorously disputed both the relevant facts and applicable legal principles.
Ultimately, the courts accepted all of the factual and legal arguments advanced by One Law Partners, LLC, resulting in a complete victory. Following its successful representation in litigation involving the inheritance assets of the Samsung family, the firm once again secured a significant victory in a major inheritance dispute.
[Attorneys in Charge]
Attorney Sun-young Yoo: Tel. +82-2-3019-5451 / Email: syrhyu@onelawpartners.com
Attorney Young-joo Lee: Tel. +82-2-3019-5457 / Email: yjlee2@onelawpartners.com
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