Lee Kun-hee, the chairman of Samsung Group and South Korea's richest man, died this week at the age of 78. He left behind a wife, a son and two daughters, his fortune was around twenty one billion dollars. According to Korean law, Kun-hee's family would have to pay a staggering inheritance tax. Lee Kun Hee owned shares of four companies, their value is said to be around 15,9 billion dollars.
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The late Kun-hee owned a 4,18% equity stake in Samsung Electronics, a 29,76% equity stake in Samsung Life Insurance, a 2,88% equity stake in Samsung C&T, and a 0,01% equity stake in Samsung SDS. Lee Kun-hee also owned two of the country's most expensive mansions in downtown Seoul - measuring 1245 square meters and 3422,9 square meters, one valued at around $36 million, the other estimated at $30,2 million. According to some sources, survivors would have to pay about $9,3 billion in inheritance tax under Korean law - however, the law allows said tax to be paid over a period of five years.
Kun-hee's son Lee Jae-Yong will not be able to attend the court proceedings that deal with the bribery scandal due to his presence at his late father's funeral. Although it is of an older date, the proceedings were suspended and resumed only last month. The Supreme Court rejected a request to replace the judge in January, with the prosecution team and Lee's legal team attending the hearing due to Lee's absence. Lee Jae-Yong was originally sentenced to five years in prison after being found guilty in a bribery case involving the former South Korean president.
