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.
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Inheritance tax to have limited impact on Samsung s structure
Posted : 2021-04-21 17:04
Updated : 2021-04-21 20:11
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
Heirs of late Samsung Group Chairman Lee Kun-hee have until April 30 to pay an estimated 13 trillion won ($11.6 billion) in inheritance taxes and several scenarios involving the method of payment are considered possibilities by experts.
Samsung Group is declining to offer any details on the matter, but it has been reported that the conglomerate could make an official announcement as soon as next week about the tax payment. Samsung is also likely to announce a charitable donation totaling trillions of won to commemorate the late chairman.