Six Trillion Tax
The value of the Samsung Electronics and Samsung Life Insurance stock owned by Samsung Group Chairman Lee Kun-hee, who is in the hospital now, is 11.1 trillion won (US$9.8 billion).
His son and daughters recently said that they would pay the inheritance and gift taxes amounting to over 6 trillion won (US$5.3 billion) on time, and by installment.
This is the first time that the Samsung Group specified the size and method of payment of the taxes.
Under the circumstances, Vice Chairman Lee Jae-yong is expected to sell his Samsung SDS and Cheil Industries shares to raise the money, though the group has denied this.