ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Technology

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more