The family of late Samsung Chairman Lee Kun-hee will make the final payment this month of inheritance taxes totaling 12 trillion won (approximately $7.95 billion), the largest in Korean history. After the Chairman's death in 2020, the family has been paying inheritance taxes in installments since 2021 for shares worth 26 trillion won, real estate, and art pieces. The five-year payment period will now be completed.
To pay these taxes, the late Chairman's widow and daughters sold some of their shares in Samsung Electronics and other subsidiaries. However, current Chairman Lee Jae-yong avoided selling any shares to protect his control over the company, instead using dividends and personal loans to pay the taxes. As a result, he now owns more shares in major operations like Samsung C&T and Samsung Life Insurance, strengthening his management position.
With the inheritance tax issues now settled, management uncertainties within the Samsung Group will ease. Additionally, investments in semiconductors, AI technology, and biopharmaceuticals that had been delayed due to tax matters are expected to accelerate. This represents an important step toward restructuring Samsung's future business portfolio.
Ref: KoreaTimes
