Children of Deceased Head of Samsung will Pay $9 Billion in Inheritance Taxes

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Lee Gong Hee’s children will have to pay huge inheritance taxes. According to some reports, the amount could be $9 billion only for shares.

The children of the deceased head of Samsung Corporation Lee Hong-hee will pay record high inheritance taxes, Yonhap News Agency writes, citing its sources.

Lee Gong Hee died on Sunday, October 25th. He was 78 years old. In 1987, he became the second head of Samsung after his father and company founder.

The South Korean industrialist left behind a huge legacy – only stock assets worth about $15.9 billion. Forbes estimates that with net income of $12.6 billion, he and his family were among the richest people on the planet.

As the newspaper notes, the heirs will have to pay about $9 billion in inheritance taxes on shares alone.

Lee Gong Hee is survived by a widow, a son and two daughters. Lee Bu Jin’s eldest daughter is the head of Samsung Hotel Shilla, and Lee So Hyun’s daughter is in charge of the Samsung Charitable Foundation. Lee Yoon Hyun’s third daughter committed suicide in 2005.

Lee Gong Hee

In 2014, control of the corporation passed to his son and vice president of the group’s subsidiary, Samsung Electronics, Li Jae Young, who is considered to be the successor.

Prior to that, it became known that the children of the founder of Apple will be left without an inheritance. Steve Jobs’s widow will not leave his children billions of a father. She will spend her fortune on charity.

As previously reported, British actor Daniel Craig will leave his children without an inheritance. The James Bond star thinks the legacy is “unpleasant.”

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