Samsung family members sell shares worth $2 billion to pay inheritance taxes

SEOUL: Samsung Electronics said in a regulatory filing that Hong Ra-hee, the mother of Samsung Electronics Chairman Lee Jae-yong, and her two daughters — Hotel Shilla CEO Lee Boo-jin and Lee Seo-hyun, chief of the Samsung Welfare Foundation, have unloaded a combined 29.8 million shares worth 2.17 trillion won in the company.

Their holdings were sold at 72,717 won per share in a block deal, resulting in their stakes in Samsung Electronics slipping to 1.45 per cent, 0.78 per cent and 0.7 per cent, respectively, reports Yonhap news agency.