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Heirs Of The Former President Of Samsung Will Pay 10.8 Billion Dollars In Taxes | Voice Of America

The family of the late Lee Kun-hee, president of South Korea’s Samsung Electronics, says they will pay $ 10.8 billion in inheritance taxes on his huge estate, the largest ever paid in South Korean history. Lee died last October leaving an estimated net worth of more than $ 23 billion. The family, which includes his wife and three children, says it will divide payments from the hefty tax bill into six installments over five years, with the first payment due this month. It is believed that they will use the shares they own in the vast family conglomerate as a means of paying taxes. The Lee family will also donate the late patriarch’s vast fine art collection to two state museums and other organizations to help ease the tax burden. The collection includes rare Korean artifacts and works by legendary artists such as Pablo Picasso, Salvador Dalí, Paul Gauguin, and Claude Monet. South Korea: Samsung’s heir released South Korea: Samsung’s heir released The family also agreed to donate $ 900 million to build a new hospital dedicated to treating infectious diseases, fund research on vaccines and treatments, and support a program that treats children with cancer and rare diseases. Under Father Lee, Samsung Electronics became the jewel in the crown of the conglomerate Samsung, the largest in South Korea, with interests in sectors such as shipbuilding, insurance and commerce. Samsung Electronics is the world’s largest manufacturer of semiconductors, smartphones, and other consumer electronics. But the family has been embroiled in a series of corruption scandals, and Lee’s son Jae-yong was in prison in connection with the scandal that toppled former President Park Geun-hye.

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