Heirs of the late Samsung Chairman Lee Kun-hee will pay $11 billion in inheritance taxes, donate $900 million to domestic hospitals and give some 23,000 pieces of art to museums.
By Baek Byung-yeul
Samsung Group announced Wednesday that the heirs of the late Chairman Lee Kun-hee will pay over 12 trillion won ($10.8 billion) in inheritance tax over the next five years, but did not detail the allocation of his shares in the group affiliates ― including the crown jewel, Samsung Electronics ― to his children.
Given the shares allocation could directly affect the conglomerate s organizational structure, the issue has been of primary concern, and questions are being asked as to why Samsung deferred an announcement on how the late chairman s shareholdings will be divided.
Samsung Group has retained a web-like governance structure linking Samsung C&T, Samsung Life Insurance and Samsung Electronics. The late chairman owned 4.18 percent of the shares of Samsung Electronics, 20.76 percent of Samsung Life Insurance, 2.88 percent of Samsung C&T and 0.01 percent of Samsung SDS.
Biz community joins calls for pardon of Samsung heir
Posted : 2021-04-27 09:27
Samsung Electronics Vice Chairman Lee Jae-yong / Korea Times file
South Korea s major business lobby groups on Tuesday said they have submitted a petition for the pardon of Lee Jae-yong, the imprisoned de facto leader of Samsung Group, to the presidential office for the sake of the national economy amid a global semiconductor shortage.
The five major lobby groups ― the Korea Chamber of Commerce and Industry, the Korea Enterprises Federation, the Korea Federation of SMEs, the Korea International Trade Association and the Federation of Middle Market Enterprises of Korea ― presented a pardon recommendation letter for Lee to Cheong Wa Dae on Monday, according to them.
Samsung Heir Lee Jae-yong Is Looking To Secure A $450 Million Loan Advertisement Advertisement
Lee Kun-hee, the man who made Samsung what it is today, passed away at the age of 78 in October last year, leaving behind a fortune in stocks and assets with a total value of around 23 trillion won (~$21 billion). Lee’s heirs are now expected to inherit that fortune. However, they will have to pay an inheritance tax that could go as high as 13 trillion won ($11.7 billion), the highest in South Korea’s history.
Now, according to the Korean media, Samsung Electronics Vice Chairman Lee Jae-yong is looking to secure a personal loan of 500 billion won ($450 million) for financing the inheritance tax. This would also be the highest single personal credit loan in South Korea’s history. But, if someone can obtain it, that would be Lee Jae-yong, of course. He is the de-facto leader of the Samsung conglomerate, after all.
Samsung, Hyundai prepare massive US investments ahead of Moon-Biden summit koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.