Why do Samsung family members have to borrow trillions each in turn, even though they are rich?

According to the Korea Times, the CEO of the Shilla hotel chain Lee Boo-jin, the eldest daughter of the late Samsung Chairman Lee Kun-hee, has just had to borrow 100 billion won (more than 1.9 trillion VND) to pay the bills. paying part of the tax comes from the huge fortune she inherited from her late father.

Why do Samsung family members have to take turns to borrow trillions of billions each, even though they are rich and broken?  - Photo 1.

The late Samsung Chairman Lee Kun-hee and his talented eldest daughter Lee Boo-jin

According to filings with the Financial Supervisory Service (FSS), Ms. Lee borrowed the money from Hyundai Motor Securities on October 27 by taking her 2,532 million shares in Samsung Electronics, equivalent to equivalent to 0.04% of the company’s total shares, as collateral. The loan is due until January 24 of the following year with an interest rate of 4%. So far, Ms. Lee and her family have borrowed 1.7 trillion won (VND 32.6 trillion) and are estimated to have to pay about 5 billion won (nearly VND 100 billion) in monthly interest.

In October last year, Samsung Chairman Lee Kun-hee passed away leaving a fortune of 26 trillion won (nearly 500 trillion VND) and about 60% of which will be returned to the smart society. through taxes and charities. As a result, Samsung family members have to pay 12 trillion won (VND 230 trillion) in taxes on the assets they inherited, which includes shares worth 19 trillion won (363 trillion VND). copper). This is considered the highest inheritance tax in Korean history

The eldest daughter of the late Samsung chairman, Ms. Lee Boo-jin is estimated to have to pay 2.6 trillion won (nearly 50 trillion VND) while her brother, “Samsung Crown Prince” Lee Jae-yong (vice owner) Chairman of Samsung Electronic), sister Lee Seo-hyun (Chairman of Samsung Welfare Fund) and their mother, Ms. Hong Ra-hee, have to pay tax amounts of 2.9 trillion won (55.4 trillion won) respectively. billion dong), 2.4 trillion won (nearly 46 trillion dong) and 3.1 trillion won (59.3 trillion dong).

Why do Samsung family members have to borrow trillions of billions each in turn, even though they are rich and broken?  - Photo 2.

Mr. Lee Kun-hee with his wife (second from left) and 2 daughters

Why do Samsung family members have to borrow trillions of billions each in turn, even though they are rich and broken?  - Photo 3.

“Samsung Crown Prince” Lee Jae-yong is the second highest taxable person in the family after his mother

To pay for that huge tax, Samsung family members have to sell off the shares they hold in their hands. In early October, Ms. Hong, the largest individual shareholder of Samsung Electronics with a 2.3% stake, signed a contract with KB Kookmin bank to sell nearly 20 million shares. In addition, she also had to borrow another 1,000 billion won (19.1 trillion VND) from banks and other securities companies with Samsung Electronics shares as collateral.

The eldest daughter Lee Boo-jin also signed the same contract as her mother with KB Kookmin. Meanwhile, the younger daughter Lee Seo-hyun sells her shares in Samsung insurance company and Samsung SDS subsidiary to raise money to pay inheritance tax. The total value of shares that members of this largest Korean family sold in October was up to 2 trillion won (VND 38.2 trillion).

It is known that they have a 5-year period to pay off the inheritance tax after making the first payment in April 2021 of 1/6 of the total amount due. Currently, members have completed their 2nd payment last month.

Source: Korea Times

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