July 30, 2020 13:24
The dysfunctional family of Lotte Group founder Shin Kyuk-ho, who died in January, have agreed on how to divide his estate, which is valued at around W1 trillion (US$1=W1,193).
A Lotte Group official said Wednesday, "Legal representatives of the bereaved family met and agreed on how to divide the inheritance." Heirs must report inheritance taxes within six months after a family member dies, so the family only had until the end of this month.
Although it remains a secret exactly how much Shin left, the amount is believed to be around W1 trillion. The lawyers of his eldest daughter Shin Young-ja, eldest son Shin Dong-joo, second son and Lotte Group chairman Shin Dong-bin, and second daughter Shin Yoo-mee, wrangled out the details Tuesday.
The ratio of the division is not known. The two sons are bitterly divided, and Shin senior sided with his older son in his losing battle over control of the conglomerate.
The Korean-Japanese family are expected to pay around W450 billion in inheritance taxes in Korea and Japan.
Shin senior's second wife, Shigemitsu Hatsuko, and third wife, Seo Mi-kyung, were common-law spouses so they are entitled to nothing. It is not known if they stand to benefit in other ways.
A business insider said, "The four family members agreed to the ratio of dividing the inheritance that can be clearly valued, but real estate assets require further assessment."
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