Samsung family members selling $2 bn worth shares to cover inheritance taxes

SEOUL: Members of Samsung Group's owning family are set to sell nearly 2.6 trillion won ($2 billion) worth of shares in Samsung affiliates to cover inheritance taxes, a regulatory filing showed on Sunday.

Since the death of late Samsung Chairman Lee Kun-hee in October 2020, his family members have been paying inheritance taxes in instalments for the assets inherited according to a five-year plan.

The total inheritance tax amounted to 12 trillion won, reports Yonhap news agency.

According to the regulatory filing with the Financial Supervisory Service, Hong Ra-hee, the widow of Lee, and his two daughters -- Hotel Shilla Co. CEO Lee Boo-jin and Samsung Welfare Foundation's chief Lee Seo-hyun -- signed a deal last Tuesday entrusting share disposal to Hana Bank.

Under the deal aimed at "inheritance tax payment," Hana Bank is required to dispose of a 0.32 per cent share Hong has in Samsung Electronics and a combined 0.18 per cent share owned by the two daughters in the firm by April 30, 2024.

The Samsung Electronics shares up for sale amount to about 2.08 trillion won when the latest market closing price of 69,600 won per share is applied.

The Hotel Shilla CEO also signed an additional deal entrusting the sale of her shares, which include a 0.65 per cent share in Samsung C&T Corp., a 1.95 per cent share in Samsung SDS Co. and a 1.16 per cent share in Samsung Life Insurance.

The combined value of the shares is 499.3 billion won.