[NewsSpace=JeongYoung Kim]  It has recently been revealed that Koo Kwang-mo, the chairman of LG Group, filed a lawsuit with tax authorities claiming that "part of the inheritance tax is excessive." Before paying approximately KRW 720 billion in inheritance tax for LG shares inherited, he raised an objection through the lawsuit.

According to sources from the business community on the 16th, Koo filed a lawsuit with the Seoul Administrative Court to cancel the inheritance tax on his inheritance with his mother, Kim Young-sik, and two younger sisters, Koo Yeon-kyung (CEO of LG Welfare Foundation) and Koo Yeon-soo.

They are asking for a refund of additional inheritance taxes imposed on certain inheritance items. It is reported that they filed the lawsuit to get a court ruling on the value of the 1.12% LG CNS stake inherited from the late Koo Bon-moo, the former chairman, as there is a disagreement between the tax authorities and Koo's side over the valuation of the unlisted LG CNS stake.

It is reported that the amount that Koo can receive if he wins the lawsuit is KRW 1 billion. After inheriting 8.76% of the LG shares in May 2018, he became the largest shareholder of LG by succeeding his father's 11.28% LG shares in November of the same year, following the death of former chairman Koo Bon-moo. The estate left by the former chairman, including LG shares, is valued at approximately KRW 2 trillion.

The inheritance tax he has to pay is about KRW 720 billion. The total inheritance tax imposed on the entire LG family, including Chairman Koo, is KRW 990 billion. Chairman Koo has been paying the inheritance tax for the past five years through annual payments, and the final payment will be made at the end of this year.