Log in
Log in
Or log in with
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Korea, republic of
  4. Korea Stock Exchange
  5. Samsung Electronics Co., Ltd.
  6. News
  7. Summary
    A005930   KR7005930003


End-of-day quote Korea Stock Exchange  -  2023-03-21
61100.00 KRW   +1.33%
03/24Aramco signs MoU with Samsung Electronics to localize industrial 5G communication networks and facilitate digital transformation in Saudi Arabia
03/24South Korean Stocks Decline on Concerns over US Fed, Bank of England's Rate Hikes; Samsung Fire & Marine Loses 3%
03/24South Korean Insurers, Credit Card Firms Give Nearly 3 Trillion Won in Cash Dividends in 2022
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Samsung's Lee family to pay more than $10.8 billion inheritance tax

04/28/2021 | 04:29am EDT
FILE PHOTO: Samsung Group Chairman Lee reacts during a news conference regarding his resignation at the company's headquarters in Seoul

SEOUL (Reuters) - The family of late Samsung Electronics Co Ltd Chairman Lee Kun-hee said on Wednesday they will pay over 12 trillion won ($10.8 billion) in inheritance tax for his estate and donate his vast private art collection to state curators.

Lee, who is credited with transforming Samsung into the world's largest smartphone and memory chip maker, died on Oct. 25 with an estate local media valued at around 26 trillion won.

The inheritance tax bill - one of the largest-ever in South Korea and globally - has been closely watched due to its potential to dilute the family's controlling stake in Samsung.

The family said it planned to pay the bill over five years in six instalments, starting this month.

"It is our civic duty and responsibility to pay all taxes," the family said in a statement released by Samsung.

The share price of Samsung C&T Corp - the Samsung conglomerate's de facto holding company - dropped as much as 5.5% after the statement, which provided no detail on how Lee's shares would be distributed or sold, nor specifics on how the family planned to fund the payments.

"There was general investor disappointment as no details about how the stakes will be divided were revealed," said analyst Lee Sang-hun at HI Investment & Securities.

Investors will instead need to wait for regulatory filings to discover changes in shareholding by Lee's son and Samsung Electronics' vice chairman Jay Y. Lee or other family members.

The family had been discussing using shares in affiliated companies as collateral for personal loans to pay part of the tax bill to avoid selling Samsung holdings, Reuters reported last week.

Analysts have said the family is likely to use loans and dividends from both their own and Lee's shares to pay the tax.

Lee's shareholding, by value, includes 4.18% of Samsung Electronics, 0.08% of Samsung Electronics preferred shares, 20.76% of Samsung Life Insurance Co Ltd, 2.88% of Samsung C&T, and 0.01% of Samsung SDS Co Ltd.

Jay Y. Lee is the largest shareholder of Samsung C&T with a 17.33% stake.

The heir is currently halfway through a 30-month jail sentence for bribery and other offences. The presidential Blue House on Tuesday dismissed calls from business lobby groups for a pardon.


In 2008, Samsung announced plans for a large donation to society as Lee stepped down as chairman, after being accused of tax evasion.

On Wednesday, as anticipated, the family said it will donate 1 trillion won to improve public healthcare, including 500 billion won to build South Korea's first specialist hospital for infectious disease.

Much of Lee's $1.76 billion personal art collection, including works by Picasso, Monet and Chagall, will be donated to organisations including the National Museum of Korea and National Museum of Modern and Contemporary Art, the family said.

Remaining works by Giacometti, Rothko and others will be managed by the family and Leeum Samsung Museum of Art, Yonhap news agency reported.

The collection was previously the subject of public calls to keep all of the artwork in South Korea. Last month, former culture ministers and art groups called for a new law to allow the family to donate the art in lieu of some of the tax bill.

Samsung Electronics shares closed down 1% on Wednesday, in line with the KOSPI benchmark stock price index. Samsung C&T ended down 3%.

($1 = 1,111.7700 won)

(Reporting by Joyce Lee and Heekyng Yang; Editing by Himani Sarkar and Christopher Cushing)

By Joyce Lee and Heekyong Yang

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
KOSPI COMPOSITE INDEX -0.39% 2414.96 Real-time Quote.7.98%
SAMSUNG C&T CORPORATION -0.18% 108600 End-of-day quote.-4.32%
SAMSUNG ELECTRO-MECHANICS CO., LTD. 0.27% 150600 End-of-day quote.15.40%
SAMSUNG ELECTRONICS CO., LTD. 1.33% 61100 End-of-day quote.10.49%
SAMSUNG LIFE INSURANCE CO., LTD. 1.56% 65100 End-of-day quote.-8.31%
SAMSUNG SDS CO.,LTD. 0.25% 120000 End-of-day quote.-2.44%
03/24Aramco signs MoU with Samsung Electronics to localize industrial 5G communication netwo..
03/24South Korean Stocks Decline on Concerns over US Fed, Bank of England's Rate Hikes; Sams..
03/24South Korean Insurers, Credit Card Firms Give Nearly 3 Trillion Won in Cash Dividends i..
03/23Battery makers pull South Korean shares lower on profit-taking; set for weekly gain
03/23South Korea's Biggest Firms See 70% Slump in Q4 Profit on Lower Demand for Chips
03/23O9 Solutions Recognizes Samsung SDS In Its Inaugural Partner Awards Program
03/22Samsung Announces Ultra-Wideband Chipset with Centimeter-Level Accuracy for Mobile and ..
03/22Posco Future M to Construct New Cathode Plant in South Korea's Pohang
03/22Samsung Semiconductor Site Awarded Highest Level Global Certification for Water Resourc..
03/22S.Korean shares climb to two-week high as banking worries ease; Fed in focus
More news
Analyst Recommendations on SAMSUNG ELECTRONICS CO., LTD.
More recommendations
Sales 2023 273 681 B 211 B 211 B
Net income 2023 13 286 B 10,2 B 10,2 B
Net cash 2023 110 666 B 85,2 B 85,2 B
P/E ratio 2023 31,8x
Yield 2023 2,29%
Capitalization 419 545 B 323 B 323 B
EV / Sales 2023 1,13x
EV / Sales 2024 0,95x
Nbr of Employees -
Free-Float 83,1%
Duration : Period :
Samsung Electronics Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SAMSUNG ELECTRONICS CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 39
Last Close Price 63 000,00 KRW
Average target price 76 358,97 KRW
Spread / Average Target 21,2%
EPS Revisions
Managers and Directors
Jong-Hee Han Vice Chairman & Co-Chief Executive Officer
Kye Hyun Kyung Co-Chief Executive Officer & Executive Director
Hee-Chan Roh Chief Financial Officer
Han-Jo Kim Chairman
Jae-Yong Lee Executive Chairman
Sector and Competitors
Stock markets for all
100% Free Registration