WORLD


Samsung heirs to pay record inheritance tax

Baku, April 28, AZERTAC

The family of Samsung Electronics chairman Lee Kun-hee will pay more than 12trn won ($10.78bn) in inheritance taxes on his estate, BBC reports.

South Korea has one of the world's highest inheritance tax rates.

Mr Lee, who is credited with transforming Samsung into a global electronics giant, died in October last year.

The tax issue has been closely watched by investors as it could have affected the Lee family's stake in Samsung.

However, shares of Samsung's various listed divisions were mixed on the news, which provided little clarity about whether or not any shares would be sold.

Investors will instead need to wait for regulatory filings to discover changes in shareholdings by Lee's son and Samsung Electronics vice chairman Jay Y. Lee, who has been the de facto head of Samsung Electronics since 2014.

Jay Y. Lee is currently in prison serving two years and six months for his role in a bribery scandal that involved the country's former President Park Geun-hye.

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