Samsung’s Lee household to pay greater than 12 trillion received inheritance taxes By Reuters

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© Reuters. FILE PHOTO: Samsung Group Chairman Lee reacts throughout a information convention relating to his resignation on the firm’s headquarters in Seoul

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SEOUL (Reuters) – The household of deceased Samsung Electronics (OTC:) chairman Lee Kun-hee mentioned on Wednesday it is going to pay greater than 12 trillion received ($10.78 billion) in inheritance taxes for the property of the late patriarch.

Lee, who’s credited with reworking Samsung (KS:) into the world’s largest smartphone and reminiscence chip maker, died on Oct. 25. His property included shareholdings in Samsung associates valued at $17 billion.

The Lee household’s dealing with of the hefty inheritance tax invoice – one of many largest ever in each Korea and globally – had been carefully watched because it may have resulted within the dilution of the household’s controlling stake in Samsung.

The household had been discussing utilizing shares in affiliated corporations as collateral for private loans to pay a part of the tax invoice, a measure that may keep away from the sale of their intensive Samsung holdings, Reuters reported final week, citing sources.

The household’s assertion on Wednesday didn’t give particulars of how Lee’s shares will probably be distributed among the many heirs or whether or not any will probably be offered. Apart from loans, the household is predicted to make use of dividends from each their very own and Lee’s shareholdings to pay the tax, analysts have mentioned.

Lee’s shareholdings included a 4.18% stake in Samsung Electronics, 0.08% of Samsung Electronics most popular shares, 20.76% of Samsung Life Insurance coverage, 2.88% of Samsung C&T, and 0.01% stake in Samsung SDS, which in accordance with South Korean tax code valuation had been value about 18.96 trillion received ($17 billion).

South Korea’s tax code permits fee in instalments, with one-sixth of the entire tax invoice to be paid first, then the remaining over 5 years at an annual rate of interest presently set at 1.2%.

The household additionally introduced it is going to donate 1 trillion received to public well being care charities, together with for the creation of a specialised an infection illnesses laboratory. Lee’s intensive assortment of antiques and work will probably be donated to the Nationwide Museum of Korea and different cultural organizations.

($1 = 1,113.3700 received)

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