CNA Explains: Samsung family pays off record US$8 billion inheritance tax bill
In South Korea, the benchmark Kospi has hit another record high, thanks to tech stocks like Samsung Electronics, which has reached a US$1 trillion market valuation. But behind that rally is another story: The family that controls Samsung has just finished paying South Korea's largest-ever inheritance tax bill. Former Samsung chairman Lee Kun-hee died in October 2020, and his family paid 12 trillion won (US$8 billion) in six installments over the last five years. Samsung is the nation's biggest chaebol, or family-run conglomerate. CNA's Grace Shin explains how the huge bill was paid and why Samsung is now richer than ever.
In South Korea, the benchmark Kospi has hit another record high, thanks to tech stocks like Samsung Electronics, which has reached a US$1 trillion market valuation. But behind that rally is another story: The family that controls Samsung has just finished paying South Korea's largest-ever inheritance tax bill. Former Samsung chairman Lee Kun-hee died in October 2020, and his family paid 12 trillion won (US$8 billion) in six installments over the last five years. Samsung is the nation's biggest chaebol, or family-run conglomerate. CNA's Grace Shin explains how the huge bill was paid and why Samsung is now richer than ever.
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