It has been reported that relatives of the late Samsung Group Chairman Lee Kun-hee are planning to sell nearly 2.6 trillion won (US$2 billion) worth of shares in Samsung affiliates to cover inheritance taxes. The total inheritance tax amounts to 12 trillion won.
According to a regulatory filing with the Financial Supervisory Service, Lee’s widow Hong Ra-hee and his two daughters – Hotel Shilla Co. CEO Lee Boo-jin and Samsung Welfare Foundation’s chief Lee Seo-hyun – have signed a deal with Hana Bank to dispose of the shares by April 30, 2024.
These include a 0.32 percent share held by Hong in Samsung Electronics, a 0.18 percent share owned by the two daughters in the same firm, a 0.65 percent share in Samsung C&T Corp., a 1.95 percent share in Samsung SDS Co., and a 1.16 percent share in Samsung Life Insurance.
The total worth of these shares amounts to 2.08 trillion won based on the latest market closing price of 69,600 won per share, plus an additional 499.3 billion won from the Hotel Shilla CEO’s shares.
Since the death of Lee Kun-hee in October 2020, his family members have been paying inheritance taxes in installments according to a five-year plan.
In this file photo provided by Samsung Electronics Co., Chairman Lee Jae-yong (C) walks with his mother Hong Ra-hee on his left and one of her younger sisters, Lee Seo-hyun on his right at a Samsung concert hall in Yongin, Gyeonggi Province on Oct. 19, 2023. (PHOTO NOT FOR SALE) (Yonhap)
pbr@yna.co.kr
(END)
Related Articles (3rd LD) Samsung Electronics’ Q3 operating profit sinks, but memory chips rebound (LEAD) Samsung, LG, Hyundai closely monitoring potential biz fallout from Israel-Hamas conflict (News Focus) Samsung’s Lee faces mounting challenges as he marks 1 year in chairmanship