Heirs of the late Samsung Chairman Lee Kun-hee will pay $11 billion in inheritance taxes, donate $900 million to domestic hospitals and give some 23,000 pieces of art to museums.
Samsung heirs to pay $10 bn in tax, donate Monet, Picasso works
Top Story
April 29, 2021
SEOUL: The heirs to South Korea´s Samsung group announced their plans to pay more than $10 billion in death duties Wednesday one of the world´s biggest-ever inheritance tax settlements and donate an art trove including works by Monet and Picasso.
Lee Kun-hee, the late Samsung Electronics chairman, was the country´s richest man when he died last October at age 78 after being hospitalised for years, leaving an estimated 22 trillion won ($19.6 billion) in assets. South Korea has stringent inheritance tax laws and high rates, resulting in a hefty bill for the family, including Samsung Electronics vice chairman Lee Jae-yong, who is currently in jail for bribery, embezzlement and other offences.
Samsung s Lee family to pay more than $10.8 billion tax, donate art
By Joyce Lee and Heekyong Yang
Reuters
SEOUL (Reuters) -The family of late Samsung Electronics chairman Lee Kun-hee said on Wednesday they will pay more than 12 trillion won ($10.8 billion) in inheritance taxes for his estate and donate his vast private art collection to state curators.
Lee, who is credited with transforming Samsung into the world s largest smartphone and memory chip maker, died on Oct. 25 with an estate valued at around 26 trillion won.
The Lee family s handling of the hefty inheritance tax bill - one of the largest-ever in Korea and globally - has been closely watched as it could have resulted in the dilution of the family s controlling stake in Samsung.
Samsung Heirs To Pay Billions, Donate Monet, Picasso Works For Tax Bill By Sunghee Hwang, and Kang Jin-kyu
04/28/21 AT 2:45 AM
The heirs to South Korea s Samsung group announced their plans to pay more than $10 billion in death duties Wednesday one of the world s biggest-ever inheritance tax settlements including donating Picasso and Monet artworks.
Lee Kun-hee, the late Samsung Electronics chairman, was the country s richest man when he died last October at age 78 after being hospitalised for years, leaving an estimated 22 trillion won ($19.6 billion) in assets.
South Korea has stringent inheritance tax laws and high rates, resulting in a hefty bill for the family, including Samsung Electronics vice chairman Lee Jae-yong, who is currently in jail for bribery, embezzlement and other offences.