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Samsung Lee clan to pay nearly $11bn inheritance tax over 5 years

But stock distribution -- key to control of huge conglomerate -- not announced

The family that controls Samsung says it will pay nearly $11 billion in inheritance taxes on the estate of late Chairman Lee Kun-hee.   © Reuters

SEOUL -- The family of late Samsung Electronics Chairman Lee Kun-hee announced on Wednesday that it will pay inheritance taxes totaling more than 12 trillion won ($10.8 billion), though refrained from saying how his stock holdings will be divided up -- key to its control of the broader conglomerate.

In a statement, the family -- his widow and three children including jailed Samsung Vice Chairman Lee Jae-yong -- said taxes on the estate will be paid in six installments over a five-year period starting this month.

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