The family of late Samsung Electronics Chairman Lee Kun-hee said on Wednesday they will pay over $10.8 billion in inheritance tax for his estate and donate his vast private art collection to state curators.
The family plans to pay the full amount over a period of five years in six instalments, starting this month, Samsung Electronics said on Wednesday. The legal deadline for the family to file the tax return was this Friday.
The inheritance bill is more than half the value of the late Lee’s total estate, the tech giant said. South Korea charges as much as 60% for inherited shares for large shareholders. Samsung didn’t specify how these will be distributed among the family members.
However, it is likely that the majority of the late chairman’s stakes in Samsung affiliates will go to his only son Lee Jae-yong, who has been the de facto leader of the entire business group since his father suffered a heart attack in 2014.
The younger Lee is currently serving a prison sentence for bribery and standing trial over a separate indictment over alleged stock price manipulation.