Forbes names Samsung chair S. Korea's richest manApril 26, 2012 - 17:17 AMT PanARMENIAN.Net - Samsung Electronics chairman Lee Kun-Hee, currently embroiled in an inheritance dispute with his siblings, remains South Korea's richest man, according to a Forbes magazine ranking, AFP reported. The 70-year-old, who transformed the company into the world's top chipmaker and second-largest mobile phone maker, has an estimated net worth of $10.8 billion, up $1.5 billion from 2011, said the U.S. publication, on Thursday, April 26. Lee is engaged in a bitter legal dispute with his elder brother and sister over the vast family inheritance left by their father who founded the group. Lee Maeng-Hee, 80, accuses the Samsung boss of taking over some shares in Samsung group subsidiaries which their father and group founder Lee Byung-Chull had held under the names of other people. He demanded his brother return some shares in Samsung units along with cash, worth 710 billion won ($623 million) in total. Their sister Lee Sook-Hee followed with a separate suit. Chung Mong-Koo, chairman of the country's largest automaker Hyundai Motor, was ranked second in the Forbes list with a net worth of $6.6 billion, followed by Kim Jung-Joo, a 44-year-old founder of online game company Nexon. Kim's net worth was $4.3 billion, Forbes said, calling his success as a self-made entrepreneur with no family-related business connections "remarkable." Jay Y. Lee, Samsung Electronics' chief operating officer and the chairman's first son, was ranked fourth with a net worth of $3.8 billion. Lee Myung-Hee, Kun-Hee's younger sister and the chief of major retailer the Shinsegae Group, was 11th with an estimated net worth of $1.68 billion. This made her the country's wealthiest woman. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |