The family of former Samsung parent Lee Kun-hee has pledged billions of dollars in health care and donations and has vowed to pay $ 11bn in one of the world’s largest taxes.
Follow-up Lee’s death in October, South Korea’s strongest family was given six months to inform tax authorities about how to deal with the country’s richest man, including 60% of its $ 20bn tax.
In a private statement, the couple on Wednesday announced charitable donations, including hundreds of millions of dollars in pediatric cancer treatment, infectious disease hospital and vaccine research.
The family also donates Lee’s money 23,000 artwork and the remains of ancient South Korea. The collections are masterfully produced by Salvador Dalí, Claude Monet and Pablo Picasso as well as Korean artists such as Park Soo-keun, Lee Jung-seop and Kim Whan-ki.
Samsung, a company that started selling dried fish and vegetables in the 1930’s under Japanese rule of Korea, is one of the world’s leading manufacturers of computer and mobile devices.
Lee was Samsung’s second chair ran the company radical change into a powerful global tool.
The donations, the couple said, “will support his legacy and help build a better team”.
The couple also promised to pay more than Won12tn ($ 11bn) in inheritance taxes. Taxes will be paid in six installments over five years, he said.
“It is our natural duty to pay all taxes,” he said, adding that “the tax on inheritance is one of the largest in Korea and the world, which equates to three or four times as much. [South Korean] all government tax revenue last year ”.
Not much was provided.
The family photo is hidden by Arrested in January of Lee Jae-yong, the son of the former chairman who leads Samsung, due to bribery related to his entry.
According to local investigators and people familiar with the couple, the couple planned to make a significant contribution by starting a bank loan with their own shares as well as cash from Samsung’s premium payments. Lee Kun-hee’s portfolio includes shares in Samsung Electronics as well as small businesses such as Samsung Life Insurance and Samsung C&T.
Park Sang-in, a professor of economics at Seoul National University, said the couple did not appear to have agreed on how to distribute the legal property due to the arrest of Lee Jae-yong.
Investigators have not ruled that Lee’s family I have to be different some of what they had in Samsung companies, a hope that could give outsiders a chance to take over their members at the conference.
However, the revival of Samsung Electronics, the most valuable crown of the family business, is expected to remain with Lee Jae-yong.
“It will not be a big problem to pay the bill in installments. “They can increase the revenue they receive from Samsung companies, they can take loans from banks and their shares as collateral and sell some to smaller companies, which will not affect their larger groups,” said a senior company official who asked not to be named.