Samsung heirs reveal legacy plan: $11bn in tax and 23,000 artworks

Financial Times (FT) (04/28/2021)
  • The late Lee Kun-hee’s heirs to the $20B Samsung fortune have vowed to pay South Korea $11B in inheritance taxes.
  • The 60% estate tax, South Korea’s largest ever, is to be paid in installments over 5 years.
  • The Lee family has also pledged billions towards healthcare and they will donate 23,000 artworks to various South Korean museums.
  • The family’s public image had been damaged over bribery charges for which one heir was jailed.
  • The taxes will be paid using loans and dividend income proceeds.