The heirs to Lee Kun-hee’s estates, his family have in addition to $11 billion in taxes (60 percent inheritance tax bill) to be paid as inheritance tax, pledged to donate billions of dollars to support healthcare in form of vaccine research, child cancer research and donate as many as 23,000 art pieces to South Korean museums.
After Lee Kun-hee’s demise in October last year, South Korea’s richest and most powerful family were allowed six months to explain how his $20 billion fortune would be distributed.
The Samsung Group is now a third-generation company that begun simply as selling dried fish and vegetables in the 1930s during the Japanese reign in Korea but has now evolved into a smartphone, computer chips, and electronic device conglomerate.
In a statement, the family was quoted as saying it is a civic duty and responsibility to pay all the taxes, they also chipped in thatthe payment is one of the largest ever in Korea and even globally.
Lee Jay Young, the only son of the business tycoon, will now lead the affair of Samsung Electronics as his father’s successor.
