Samsung’s Lee family to pay $10.78 billion in inheritance taxes

SEOUL: The family of deceased Samsung Electronics chairman Lee Kun-hee said on Wednesday it will pay more than 12 trillion won ($10.78 billion) in inheritance taxes for the estate of the late patriarch.

Lee, who is credited with transforming Samsung into the world’s largest smartphone and memory chip maker, died on October 25. His estate included shareholdings in Samsung affiliates valued at $17 billion.

The Lee family’s handling of the hefty inheritance tax bill – one of the largest ever in both Korea and globally – had been closely watched as it could have resulted in the dilution of the family’s controlling stake in Samsung.