The Lee family, owner of the Samsung Electronics empire, said they would pay more than $ 10,8 billion (12 trillion won) in taxes of inheritance by the estate - a set of assets that will be shared - left by the late president of the company, Lee Kun-hee. The large collection of Art private business will be donated to state curators.

Lee, who transformed Samsung into one of the largest tech, died on October 25, 2020, at the age of 78. The cause of death was not disclosed, but the businessman had been hospitalized for some time after suffering a heart attack. The command of stayed for his only son, Jay Y. Lee.

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A fee inheritance tax in South Korea is the second largest in the world, after Japan. The way the family has been dealing with the tax law has been closely monitored, as it has the potential to dilute Lee's shareholding control in company.

Samsung's inheritance taxes exceed $ 10,8 billion. Image: RomanR / Shutterstock

"It is our civic duty and responsibility to pay all taxes," said the family in a statement released by Samsung. They plan to pay off the debts in six installments over the next five years, starting this month.

After the announcement, the price of the stock exchange of Samsung C&T Corp - holding of the Samsung conglomerate - fell 5,5%. Investors will, however, need to wait for regulatory documents to discover changes in family members' shareholdings.

"There was general disappointment from investors, as no details on how the holdings will be split have been revealed," said analyst Lee Sang-hun of HI Investment & Securities.

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According to Reuters, the family had already been discussing the possibility of using shares of affiliated companies as collateral for personal loans to pay part of the taxes and avoid selling Samsung's shares. But, according to analysts, the family will eventually need to use personal and Lee's actions to keep up with tax payments.

Billionaire art collection

Lee's personal art collection included work by Picasso, Monet and Chagall. Adding an amount of US $ 1,76 billion, they will be donated to organizations such as the National Museum of Korea and the National Museum of Modern and Contemporary Art.

1 trillion won will also be donated to improve public health, including 500 billion won to build South Korea's first specialized hospital for infectious diseases.

Source: Reuters

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