Facing $11 billion tax bill, Samsung heirs donate massive art trove
They will also give hundreds of millions of dollars to medical projects and research.
By KIM TONG-HYUNGAssociated Press
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SEOUL, South Korea 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.
Samsung heirs to include art works to cover $10bn bill
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Facing $11B tax bill, Samsung heirs donate massive art trove - Medicine Hat NewsMedicine Hat News
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SEOUL, KOREA, REPUBLIC OF 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.
The massive collection includes Picassos and Dalis.
Apr 28th, 2021
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
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.