Kim Tong-Hyung
People pass by Samsung Electronics shop in Seoul, South Korea, Wednesday, April 28, 2021. 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) April 28, 2021 - 12:34 AM
SEOUL, Korea, Republic Of - Samsungâs founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, to help them pay a massive inheritance tax bill following last yearâs death of company chairman Lee Kun-Hee.
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’s founding family says it will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to.
Facing $11B tax bill, Samsung heirs donate massive art trove
By KIM TONG-HYUNGApril 28, 2021 GMT
SEOUL, South Korea (AP) Samsung’s founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, to help them pay a massive inheritance tax bill following last year’s death of company chairman Lee Kun-Hee.
They will also give hundreds of millions of dollars to medical projects and research in an apparent attempt to improve their public image as they proceed with a multiyear plan to inherit both the wealth and corporate power of South Korea’s richest-ever businessman.
The Lee family, including his widow and three children, expects to pay more than 12 trillion won ($10.8 billion) in inheritance taxes, which is more than half the wealth Lee held in stocks and real estate, Samsung said Wednesday. This would be the largest amount in South Korea and more than three times the country’s total estate tax revenue for last year.