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The heirs to South Korea s Samsung conglomerate have announced plans to pay a £7.8 billion inheritance tax bill, despite giving away a £1.3 billion art collection.
The settlement, one of the world s largest ever, comes after the death of the former chairman Lee Kun-hee, who was the country s richest man when he died last October aged 78, leaving an estimated £14.2 billion.
In a rare public statement on Wednesday, the family noted that the bill was equivalent to three to four times the [South Korean] government s total estate tax revenue last year.
The announcement, and the donation of artworks to help reduce the tax bill, is designed to soothe public anger at a corruption scandal which has seen Kun-hee s only son Lee Jae-yong jailed for bribery and embezzlement.
Samsung s Lee family to pay more than $10.8b tax, donate art
Samsung Electronics chairman Lee died on October 25 with an estate valued at around 26 trillion won
Reuters
April 28, 2021
Samsung Electronics Chairman Lee Kun-hee responds to a question from a reporter after touring the Samsung booth at the 2012 International Consumer Electronics Show (CES) in Las Vegas, Nevada January 12, 2012. PHOTO: REUTERS
The family of late Samsung Electronics chairman Lee Kun-hee said on Wednesday they will pay more than $10.8 billion in inheritance taxes for his estate and donate his vast private art collection to state curators.
Lee, who is credited with transforming Samsung into the world s largest smartphone and memory chip maker, died on October 25 with an estate valued at around 26 trillion won.
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