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Samsung Heirs to Sell $1.8 Billion of Samsung Group Shares to Pay for $10.7 Billion Tax Bill
15th October 2021 | Hong Kong
Samsung heirs have signed a trust agreement with the largest bank in Korea Kookmin Bank to sell $1.8 billion of Samsung Group affiliates’ shares to pay for their $10.7 billion inheritance tax from $22 billion estate. The heirs and family of Samsung including current Vice-Chairman of Samsung Electronics Lee Jae-Yong, will be paying inheritance tax of around $10.7 billion (12 trillion won) for inheriting around $22 billion estate from the late Samsung Chairman Lee Kun-Hee who died in October 2020. South Korea has one of the world’s highest inheritance tax rates with tax rate at 50%, and more if the estate has a controlling interest in a company.
“ Samsung Heirs to Sell $1.8 Billion of Samsung Group Shares to Pay for $10.7 Billion Tax Bill “
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Filing & Trust Deal to Sell Samsung Shares
Korea Economic Daily: According to Samsung Electronics Co. and the company’s public filing to the Financial Supervisory Service (FSS) on Oct. 10, the deceased chairman’s wife Hong Ra-hee and two daughters Lee Boo-jin and Lee Seo-hyun signed a trust deal with the country’s leading Kookmin Bank of the KB Financial Group to sell shares of the Samsung affiliates including the electronics unit.
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