SEOUL, April 28 — The heirs to South Korea’s Samsung group announced their plans to pay more than US$10 billion (RM41 billion) in death duties today — one of the world’s biggest-ever inheritance tax settlements — and donate an art trove including works by Monet and Picasso. Lee Kun-hee,...
Wednesday, 28 Apr 2021 07:06 PM MYT
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. The assets include shareholdings in Samsung Electronics, Samsung Life and Samsung C&T, as well as real estate, according to the statement.Around 23,000 pieces from Lee’s collection will be donated, Samsung said, including 14 items classed as National Treasures that will be showcased at the National Museum of Korea.
Samsung — whose flagship subsidiary is among the world’s biggest smartphone and computer chip makers — is by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, the world’s 12th-largest economy. He is undergoing a separate trial over stock manipulation, which critics say was key to ensuring a smooth succession of power within the conglomerate.
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