Samsung heir Lee Jae-yong and other family members of the late Samsung chairman Lee Kun-hee to pay $ 10.8 billion in inheritance tax following the death of the southern giant’s iconic boss -Korean.
The family plans to pay the full amount over five years, in six installments, starting this month, Samsung management said on Wednesday. The legal deadline for filing the tax return by the family was this Friday.
This amount represents the biggest inheritance tax bill ever paid in South Korea. The estate of the late president, who died at the age of 78 in October 2020, includes stakes in Samsung Electronics, Samsung Life and Samsung C&T, as well as real estate. The legacy bill represents more than half of the total value of the late Lee’s estate, says the tech giant. In South Korea, large shareholders must pay up to 60% for inherited shares.
A collection of monumental works of art
Samsung has not specified how these will be distributed among family members. However, it is likely that the majority of the late president’s stakes in Samsung affiliates go to his only son Lee Jae-yong, who has been the de facto leader of the entire group of companies since his father suffered. heart attack in 2014.
He is currently serving a prison sentence for corruption and is on trial in another indictment for alleged stock price manipulation.
At the same time, the late president’s personal art collection of around 23,000 pieces will be donated to various national organizations, says Samsung. These include works by Marc Chagall, Pablo Picasso and Paul Gauguin, as well as Claude Monet, Joan Miro and Salvador Dali. The collection also includes works by Korean artists Kim Whanki, Park Soo-keun, Lee Jung-seop and Chang Ucchin. They will be donated to the National Museum of Modern Art of South Korea.