Ex-Samsung executive's family sells shares to cover tax bill

Ex-Samsung executive’s family sells shares to cover tax bill

Samsung chairman's relatives scramble for funds to settle inheritance tax

The family of former Samsung Electronics Chairman Lee Kun-hee is selling nearly $2 billion worth of company shares to cover inheritance taxes, estimated at about $9 billion due to South Korea’s high tax rate of 50%.

With Lee Kun-hee’s fortune valued at $21 billion, his widow Hong Ra-hee and daughters Lee Boo-jin and Lee Seo-hyun are faced with significant tax obligations. South Korea’s inheritance tax rate is among the world’s highest, surpassed only by Japan at 55%.

Additionally, the family plans to donate about 23,000 art pieces to national museums and contribute $900 million to charitable causes. Despite the family’s philanthropic gestures, they have been embroiled in scandals, notably involving Lee Kun-hee’s son Lee Jae-yong, who faced bribery accusations in 2017 and was later pardoned by the Ministry of Justice.

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