Heirs of Late Samsung Electronics Chairman
to Pay Massive Inheritance Tax
April 28, 2021
The family of the late Lee Kun-hee, the
chairman of South Korea’s Samsung
Electronics, says it will pay $10.8 billion
in taxes on the inheritance from his massive
estate, the largest paid in South Korean
Lee died last October leaving an estate
estimated at more than $23 billion.
The family, which includes his wife and
three children, says it will split payments
of the hefty tax bill in six installments
over five years, with the first payment
coming this month.
It is believed they will use the shares they
hold in the vast family-run conglomerate as
a means to pay the taxes.
Lee family will also donate the late
patriarch’s vast collection of fine art to
two state-run museums and other
organizations to help ease the burden of the
tax bill. The collection includes rare
Korean artifacts and works by such legendary
artists as Pablo Picasso, Salvador Dali,
Paul Gauguin and Claude Monet.
The family has also agreed to donate $900
million to build a new hospital devoted to
treating infectious diseases, fund research
on vaccines and treatment, and support a
program that treats children suffering from
cancer and rare diseases.
Under the elder Lee, Samsung Electronics
became the crown jewel of the Samsung
conglomerate, the biggest in South Korea,
with holdings in such sectors as
shipbuilding, insurance and trading.
Samsung Electronics is the world’s largest
maker of semiconductors, smartphones and
other consumer electronics. But the family
has been mired in a host of corruption
scandals, with Lee’s son, Jae-yong,
currently serving a two-and-a-half year
prison sentence in connection with the
scandal that brought down former President