The two daughters Lee Boo-jin and Lee Seo-hyun split the remaining shares at 2-for-1 respectively. Experts say this favors the leadership succession of Lee Jae-yong. From the fact that Samsung Electronics Vice Chairman Lee Jae-yong inherited half of the Samsung Life Insurance stocks, it seems that there won t be much change to the governance structure of Samsung Group. Samsung will now be led by Lee Jae-yong, and in the long run some Samsung affiliates may spin off and operate separately. For the remaining late chairman Lee Kun-hee s shares, the Samsung Group heirs have agreed to split them in accordance with the country s inheritance law.
Posted : 2021-04-28 17:00
Updated : 2021-04-28 17:09
The late Samsung Chairman Lee Kun-hee, center, is seen with his daughters Lee Boo-jin, left, and Lee Seo-hyun at the Consumer Electronics Show (CES) held in Las Vegas in 2010. On the right is his wife Hong Ra-hee. Courtesy of Samsung Group
Samsung family to pay record inheritance tax of $10.7 bil.
By Kim Bo-eun
Heirs of the late Samsung Group Chairman Lee Kun-hee will pay more than 12 trillion won ($10.7 billion) in inheritance taxes, while separately donating one trillion won to support the fight against COVID-19 and research into rare child diseases, the group announced Wednesday.
Samsung Group to minimize changes in governance
Posted : 2021-04-29 17:13
Updated : 2021-04-30 09:13
The late Samsung Group Chairman Lee Kun-hee visits the 2010 Consumer Electronics Show in Las Vegas with his family. Courtesy of Samsung Group
By Baek Byung-yeul
Samsung Group s ownership structure looks to be less affected by the over 12 trillion won in inheritance tax on the late Chairman Lee Kun-hee s fortune as his heirs are seeking to take out bank loans to pay the due taxes.
Samsung said the heirs of the late chairman will pay over 12 trillion won ($10.8 billion) in inheritance taxes. The tax amount, which is one of the largest ever imposed worldwide, will be paid in six installments over the next five years, the heirs added.
Jae-yong bolsters grip on Samsung Electronics after inheritance April 30, 2021
Lee Jae-yong, the apparent heir of Samsung Group, bolstered his control of Samsung Electronics Co. with stocks inherited from his late father, an indication that the ownership structure of South Korea’s top conglomerate remains steadfast, affiliate filings showed on Friday.
Jae-yong, the vice chairman of Samsung Electronics, jacked up his stake in Samsung Life Insurance Co., to 10.44 percent from a meager 0.06 percent by inheriting half of late chief Lee Kun-hee’s stake.
Samsung Life Insurance is the largest shareholder in Samsung Electronics, the group’s crown jewel, with a 7.5 percent stake.
The heirs of the Samsung Group will have to pay nearly 11 billion U.S. dollars in inheritance taxes by far the highest amount ever imposed on a South Korean company.
The late Samsung Chairman Lee Kun-hee, who was the country s richest man, left behind assets estimated to be worth nearly 27 billion U.S. dollars when he passed away in October last year. The assets include stocks worth about 17 billion dollars as well as a sizeable chunk of property holdings, his art collection as well as cash. Samsung will also make a charitable donation of 900 million U.S. dollars over a 10-year period to build a medical center for infectious diseases and to treat children with cancer and rare illnesses.