SEOUL – Family members of the late Samsung Chairman Lee Kun-hee are preparing to sell shares valued at approximately 2.6 trillion won to meet obligations for inheritance taxes, details from a regulatory filing on Sunday have revealed.
According to Yonhap News Agency, the sell-off is part of the ongoing process to cover the substantial 12 trillion won inheritance tax bill that arose following the death of Lee in October 2020. The heirs have chosen to pay the amount over a five-year installment plan.
The regulatory filing specified that Hong Ra-hee, Lee's widow, along with their daughters, Lee Boo-jin, CEO of Hotel Shilla Co., and Lee Seo-hyun, head of the Samsung Welfare Foundation, have tasked Hana Bank with the disposal of their shares. This disposal includes a 0.32 percent stake in Samsung Electronics held by Hong and a 0.18 percent combined stake held by her daughters, all to be completed by April 30, 2024.
The sale of the Samsung Electronics shares alone is set to bring in about 2.08 trillion won, based on the last closing market price of 69,600 won per share.
Additionally, Lee Boo-jin has arranged for the sale of her shares in other Samsung affiliates. The shares for sale include a 0.65 percent stake in Samsung CandT Corp., a 1.95 percent stake in Samsung SDS Co., and a 1.16 percent stake in Samsung Life Insurance, collectively valued at 499.3 billion won.