The family of late Samsung Electronics Co Ltd Chairman Lee Kun-hee said on Wednesday they will pay over 12 trillion won ($10.8 billion) in inheritance tax 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 Oct. 25 with an estate local media valued at around 26 trillion won. The inheritance tax bill - one of the largest-ever in South Korea and globally - has been closely watched due to its potential to dilute the family s controlling stake in Samsung. The family said it planned to pay the bill over five years in six instalments, starting this month.
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Samsung s Lee family to pay more than $10 8 bln onenewspage.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from onenewspage.com Daily Mail and Mail on Sunday newspapers.
The family of Lee Kun-Hee, the late chairman of Samsung Electronics Co., Ltd. is donating 23,000 pieces of art in an effort pay off an inheritance tax bill of roughly $11 billion.
What Happened: South Korea has a 60% inheritance tax. Lee, who owned 4.18% of Samsung at the time of his death. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
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