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Samsung heir strengthens control in conglomerate with inheritance

Samsung Life jumps 4% as Lee Jae-yong inherits half of father's stake

Samsung is South Korea's biggest and most powerful family-run conglomerate.    © Reuters

SEOUL -- Imprisoned Samsung Electronics Vice Chairman Lee Jae-yong has strengthened his grip on South Korea's largest conglomerate after inheriting half of his late father's stake in Samsung Life Insurance, the largest shareholder in the world's biggest manufacturer of smartphones and memory chips.

Lee's holding in Samsung Life jumped to 10.44% from 0.06% as he inherited 53.7% of late Samsung Chairman Lee Kun-hee's 19.34% share, according to the company's regulatory filings.

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