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Samsung heirs donate mass art instruments to face $ 11B tax bill

SEOUL, South Korea (AP) – Samsung’s founding family will donate tens of thousands of rare works of art, including Picasso and Dalis, to donate hundreds of millions of dollars to medical examinations to help pay off a huge inheritance tax following the death of President Lee last year. Kun-hi

Lee’s family, including his wife and three children, expect to pay more than $ 12 trillion ($ 10.8 billion) in inheritance taxes, which accounts for more than half of Lee’s assets in real estate. This will be the largest amount in South Korea, more than three times the country’s total real estate tax revenue last year. The family plans to split the payment into six parts over five years, while making the first payment this month.

“It is our civic duty and responsibility to pay all our taxes,” the Lee family said in a statement. They had until Friday to report to the tax authorities the amount of the inheritance payment plans.

Raising cash to pay taxes is very important for the Lee family to expand their control over Samsung’s business empire, which extends from semiconductors, smartphones, televisions to construction, shipbuilding and insurance. Some analysts say the process could lead to group shocks.

The late Lee owned 4.18% of Samsung Electronics, one of the world’s largest makers of computer memory chips and smartphones, but he also bet on Samsung subsidiaries, which together had a larger stake than his crown jewelery company. This was part of a complex shareholder structure that allowed Lee և and his family to exercise broad control over the group.

In a news release on Wednesday, Samsung did not say how Lee’s wife and children would divide their property between them և նրանք there is speculation that they have not yet reached a final agreement.

Most market analysts believe Lee’s shares will be distributed to strengthen the leadership of his only son, the corporate heir to the de facto head of Samsung Electronics, Lee E-yong, who is currently serving a sentence for other bribery offenses. Lee’s other children are Samsung Lee Bu-jin և Lee Se-hyun, CEO of Shilla Luxury Hotel Chain, who heads the Samsung Welfare Foundation.

Handing over a huge collection of the late president’s masterpieces can help pay off, as his family does not have to pay taxes on donated works of art.

The family plans to donate 23,000 pieces from Lee’s personal collection to two state museums. These include ancient Korean paintings, books, other cultural treasures designated as national treasures, and contemporary Korean artists such as Park Su-kyun and Li Jung-seop. There are also works by Marc Chagall, Pablo Picasso, Paul Gauguin, Claude Monet, Ano Mirոյի and Salvador Dali.

The full family will provide $ 1 trillion ($ 900 million) to fund research and treatment for infectious diseases in children with cancer and rare diseases.

About half of that amount will be used to fund a new 150-bed hospital that provides specialized treatment for infectious diseases. Experts have raised the need for such facilities equipped with negative pressure chambers and other advanced systems since the advent of COVID-19.

Some $ 300 billion ($ 267 million) will go to a ten-year program with Seoul National University Children’s Hospital to help families pay for cancer, children with rare diseases, support clinical trials, and develop drugs.

“Members of the (Lee family) hope to honor the life of the late President Lee և his commitment to corporate citizenship և prosperity by returning communities,” Samsung said.

Prior to his death in October, Lee was credited with transforming Samsung Electronics from a small TV maker into a semiconductor, a global consumer electronics giant. But his leadership was also marred by corrupt beliefs that undermined the traditionally blurred ties between the country’s family conglomerates and politicians. He was hospitalized for years after suffering a heart attack in 2014.

Li Ye-yong, who has since led the group as vice president of Samsung Electronics, is currently serving a two-and-a-half year sentence for involvement in the 2016 corruption scandal that sparked mass protests and ousted the South Korean president.

Lee Jr. promised to improve Samsung’s public image by announcing that the group would inherit the inheritance, that he would not transfer the management rights inherited from his children. He also said that Samsung would stop cracking down on trade unions, despite labor activists questioning its sincerity.

A growing number of political, business, and business leaders are urging President Moon Jae-in to forgive Lee. They say it will help Lee strengthen Samsung’s global lead in semiconductors, and he may use his business to help the country get more coronavirus vaccines.

Critics say Samsung showed no signs of worrying when Lee was in prison between 2017 and 2018, that prison terms never prevented corporate executives from handing over their management decisions.

Health officials have denied local reports from thin sources that Samsung is providing behind-the-scenes assistance in negotiations with global pharmaceutical companies on coronavirus vaccines.

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