June 07, 2023 11:28
The widow and two daughters of Samsung chairman Lee Kun-hee have borrowed more than W2 trillion to pay W12 trillion in inheritance tax on their vast fortune (US$1=W1,304).
According to the Financial Supervisory Service on Tuesday, Hong Ra-hee borrowed W1.4 trillion, while her daughter Lee Boo-jin, the Hotel Shilla president, borrowed W517 billion and Lee Seo-hyun, who chairs the Samsung Welfare Foundation, W190 billion.
That brought the total loans they took out to pay their inheritance tax to W4.78 trillion, using their stocks in the conglomerate as collateral.
New Samsung chief Lee Jae-yong, who has to pay around W500 billion in inheritance tax a year, is coming up with the money from loans and dividends. The family are paying their inheritance tax over a period of five years. They have already paid around W6 trillion since Lee senior died in 2020 and must pay another W6 trillion.
The three women even sold off some of their stocks. Hong sold 20 million shares in Samsung Electronics, while Lee Boo-jin sold 1.5 million shares in Samsung SDS and Lee Seo-hyun all 3 million shares she owned in Samsung SDS and 3.5 million shares in Samsung Life Insurance.
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