Inheritance tax-hit Samsung family offloading shares
Total inheritance tax amounted to 12 trn won; Family members are set to sell 2.6 trn won ($2 bn) worth of shares
image for illustrative purpose
Seoul: Members of Samsung Group’s owning family are set to sell nearly 2.6 trillion won ($2 bn) worth of shares in Samsung affiliates to cover inheritance taxes, a regulatory filing showed on Sunday.
Since the death of late Samsung Chairman Lee Kun-hee in October 2020, his family members have been paying inheritance taxes in installments for the assets inherited according to a five-year plan. The total inheritance tax amounted to 12 trillion won, reports Yonhap news agency.
According to the regulatory filing with the Financial Supervisory Service, Hong Ra-hee, the widow of Lee, and his two daughters -- Hotel Shilla Co. CEO Lee Boo-jin and Samsung Welfare Foundation’s chief Lee Seo-hyun -- signed a deal last Tuesday entrusting share disposal to Hana Bank.
Under the deal aimed at ‘inheritance tax payment,’ Hana Bank is required to dispose of a 0.32 per cent share Hong has in Samsung Electronics and a combined 0.18 per cent share owned by the two daughters in the firm by April 30, 2024.
