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Samsung heirs to pay greater than $ 10 billion and donate artistic endeavors by Picasso and Monet to settle the tax invoice

The heirs of South Korean group Samsung on Wednesday introduced their intention to pay greater than $ 10 billion in inheritance tax – one of many largest inheritance tax settlements on this planet – together with the donation of artistic endeavors of Picasso and Monet. Lee Kun-hee, the late chairman of Samsung Electronics, was the richest man within the nation when he died final October at age 78 after years of hospitalization, leaving belongings estimated at 22 trillion received ( $ 19.6 billion).

South Korea has strict inheritance tax legal guidelines and excessive charges, leading to a heavy invoice for the household, together with Samsung Electronics’ vice chairman Lee Jae-yong, who’s at the moment in jail for bribery, embezzlement and different offenses.

Lee’s household “expects to pay greater than 12 trillion received in inheritance taxes, which is greater than half the worth of the late president’s whole property,” Samsung stated in a press release. .

Image: AP

The household of the late Samsung Electronics chairman Lee Kun-hee expects to pay greater than 12 trillion received in property taxes. Picture: AP

“The inheritance tax fee is likely one of the largest ever paid in Korea and all over the world,” he added, saying the Lee household would pay it again in six installments beginning this month.

The belongings embody stakes in Samsung Electronics, Samsung Life and Samsung C&T, in addition to actual property, the assertion stated.

The late president additionally left a treasure trove of antiques and artistic endeavors value 2-3 trillion received.

About 23,000 items from Lee’s assortment will probably be donated, Samsung stated, together with 14 objects labeled as nationwide treasures that will probably be on show on the Nationwide Museum of Korea.

Works by artists Marc Chagall, Pablo Picasso, Paul Gauguin in addition to Claude Monet, Joan Miro and Salvador Dali will probably be donated to the Nationwide Museum of Trendy and Modern Artwork, he added. Experiences point out that artwork donations will scale back the household’s tax legal responsibility.

One other trillion received will probably be donated to well being causes, half of which will probably be spent on constructing the South’s first infectious illness hospital.

Samsung – whose flagship subsidiary is likely one of the world’s largest producers of smartphones and pc chips – is by far the most important of the family-controlled empires, often called the chaebols, which dominate enterprise in South Korea, the twelfth largest economic system on this planet.

The conglomerate is important to the financial well being of the South – its combination turnover is equal to one-fifth of the nationwide gross home product.

The eldest son of the late chairman and de facto head of the group, Lee Jae-yong was jailed in January for a large corruption scandal that introduced down former chairman Park Geun-hye.

He’s dealing with a separate inventory manipulation lawsuit, which critics say was key to making sure a easy succession of energy inside the conglomerate.

Lee apologized final Might for some governance points inside the group, pledging to make sure “there will probably be no extra controversy over the succession” and that he is not going to permit his kids to succeed him inside the firm.


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