Members of the Samsung Group's owning family are planning to sell approximately 2.6 trillion won (about $2 billion) worth of shares in Samsung affiliates to cover inheritance taxes.
This move is part of a five-year plan initiated following the death of late Samsung Chairman Lee Kun-hee in October 2020, with the family paying inheritance taxes in installments. The total inheritance tax for the family's assets is estimated to be 12 trillion won.
The widow of Lee, Hong Ra-hee, and his two daughters, Lee Boo-jin, CEO of Hotel Shilla Co., and Lee Seo-hyun, chief of the Samsung Welfare Foundation, have signed a deal to entrust share disposal to Hana Bank for the purpose of inheritance tax payment.
The deal mandates Hana Bank to sell a 0.32 percent share owned by Hong in Samsung Electronics and a combined 0.18 percent share owned by the two daughters in the same company by April 30, 2024. The value of the Samsung Electronics shares for sale is approximately 2.08 trillion won based on the latest market closing price of 69,600 won per share.
Additionally, the CEO of Hotel Shilla has signed another deal to entrust the sale of her shares in various Samsung affiliates, including Samsung C&T Corp., Samsung SDS Co., and Samsung Life Insurance, with a combined value of 499.3 billion won. This move is part of the family's ongoing efforts to address inheritance tax payments and financial planning following the passing of Lee Kun-hee.
(With Agency Inputs)
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