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Electronics

Samsung family prepares to pay $10bn inheritance tax on Lee Kun-hee wealth

Clan retains control of South Korea's biggest conglomerate one year after chairman's death

The late Samsung Group Chairman Lee Kun-hee, center, appearing at a 2010 event with his family.

SEOUL -- Ahead of Monday's anniversary of the death of Samsung Group Chairman Lee Kun-hee, the family behind South Korea's biggest conglomerate began the process of paying a world-record inheritance tax of 12 trillion won ($10.3 billion).

Lee's family held a small memorial service on Monday morning. In attendance was son Lee Jae-yong, vice chairman of Samsung Electronics and de facto leader of the group, who was released on parole in August after serving more than half of a 30-month prison term for corruption.

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