Facing $11B tax bill, Samsung heirs donate mass art trove
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FILE - In this April 22, 2008, file photo, Samsung Group former Chairman Lee Kun-hee speaks during a press conference at the Samsung Group headquarters in Seoul. Samsung’s founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inheritance tax following last year’s death of chairman Lee Kun-Hee. (AP Photo/Ahn Young-joon, File)
SEOUL, Korea, Republic Of – Samsung’s founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inheritance tax following last year’s death of chairman Lee Kun-Hee.
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Samsung heirs to pay billions, donate Picasso works to settle tax bill
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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.