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Samsung's Lee family to pay greater than $10.8 billion tax, donate artwork

Lee Kun-hee wearing glasses and looking at the camera: FILE PHOTO: Samsung Group Chairman Lee reacts during a news conference regarding his resignation at the company's headquarters in Seoul © Reuters/Jo Yong hak FILE picture: Samsung community Chairman Lee reacts all the way through a information convention involving his resignation on the company's headquarters in Seoul

through Joyce Lee and Heekyong Yang

SEOUL (Reuters) - The family of late Samsung Electronics Co Ltd Chairman Lee Kun-hee referred to on Wednesday they're going to pay over 12 trillion received ($10.8 billion) in inheritance tax for his property and donate his enormous deepest paintings assortment to state curators.

a group of people riding on the back of a truck: FILE PHOTO: A hearse carrying the body of Lee Kun-hee, leader of Samsung Group, travels at a hospital in Seoul © Reuters/HEO RAN FILE photograph: A hearse carrying the physique of Lee Kun-hee, leader of Samsung neighborhood, travels at a health facility in Seoul

Lee, who is credited with reworking Samsung into the world's greatest smartphone and reminiscence chip maker, died on Oct. 25 with an property local media valued at around 26 trillion gained.

The inheritance tax bill - one of the vital biggest-ever in South Korea and globally - has been carefully watched due to its advantage to dilute the family's controlling stake in Samsung.

The household noted it deliberate to pay the bill over 5 years in six instalments, starting this month.

"it is our civic duty and accountability to pay all taxes," the family talked about in a statement released by means of Samsung.

the proportion price of Samsung C&T Corp - the Samsung conglomerate's de facto protecting enterprise - dropped as an awful lot as 5.5% after the observation, which provided no detail on how Lee's shares can be distributed or offered, nor specifics on how the family unit deliberate to fund the payments.

"There became popular investor disappointment as no particulars about how the stakes should be divided have been revealed," noted analyst Lee Sang-hun at hi investment & Securities.

investors will instead deserve to wait for regulatory filings to discover changes in shareholding by Lee's son and Samsung Electronics' vp Jay Y. Lee or different family members.

The family had been discussing the usage of shares in affiliated companies as collateral for private loans to pay part of the tax bill to avoid selling Samsung holdings, Reuters suggested closing week.

Analysts have spoke of the family unit is probably going to make use of loans and dividends from each their own and Lee's shares to pay the tax.

Lee's shareholding, by way of cost, contains four.18% of Samsung Electronics, 0.08% of Samsung Electronics favored shares, 20.seventy six% of Samsung existence insurance Co Ltd, 2.88% of Samsung C&T, and 0.01% of Samsung SDS Co Ltd.

Jay Y. Lee is the largest shareholder of Samsung C&T with a 17.33% stake.

The heir is at the moment midway via a 30-month reformatory sentence for bribery and different offences. The presidential Blue house on Tuesday pushed aside calls from business lobby businesses for a pardon.


In 2008, Samsung announced plans for a big donation to society as Lee stepped down as chairman, after being accused of tax evasion.

On Wednesday, as anticipated, the household talked about it is going to donate 1 trillion gained to increase public healthcare, together with 500 billion gained to build South Korea's first expert health facility for infectious disease.

a great deal of Lee's $1.76 billion own art collection, including works via Picasso, Monet and Chagall, will be donated to enterprises including the countrywide Museum of Korea and national Museum of up to date and contemporary paintings, the family said.

remaining works by way of Giacometti, Rothko and others could be managed by the household and Leeum Samsung Museum of art, Yonhap information company stated.

The assortment was previously the discipline of public calls to hold the entire artwork in South Korea. remaining month, former lifestyle ministers and paintings corporations known as for a new law to permit the household to donate the art in lieu of probably the most tax bill.

Samsung Electronics shares closed down 1% on Wednesday, in keeping with the KOSPI benchmark inventory price index. Samsung C&T ended down three%.

($1 = 1,111.7700 gained)

(Reporting by way of Joyce Lee and Heekyng Yang; modifying by way of Himani Sarkar and Christopher Cushing)


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