Samsung Electronics vice chairman Lee Jae-yong is expected to reveal the details of his inheritance this week, and fresh reports from the local media suggest that the heir is looking to finance the inheritance tax with bank loans.
The late Samsung chairman Lee Kun-hee left a fortune in stocks and assets behind when he passed away in October. Lee’s heirs are expected to inherit stocks with a total value of 18.96 trillion won ($17 billion), and they are bound to pay the highest inheritance tax in South Korea’s history, calculated at roughly 11 trillion won ($9 billion). The heirs can reportedly choose to pay the inheritance tax over the next five years after they pay the tax authorities one-sixth of the inherited value.
