Samsung's Lee family may use stock as collateral for loans for $10 bln tax

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Samsung's Lee family may use stock as collateral for loans for $10 bln tax

Reuters2021-04-20

SEOUL, April 20 (Reuters) - The family of deceased Samsung patriarch Lee Kun-hee is discussing using shares in affiliated companies as collateral for personal loans to pay part of more than $10 ...

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·2021-04-20
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Lee died on Oct. 25 with a net worth estimated at about $20.9 billion.South Korea’s tax code allows payment in instalments, with one-sixth of the total tax bill to be paid first, then the rest over five years at an annual interest rate currently set at 1.2%. Even in instalments, more than 2 trillion won is expected due annually.“The family has been discussing, for a considerable period of time, stock-backed loans with several banks that mainly deal with Samsung companies,” said the financial company CEO.“I understand the entire amount of the inheritance tax is not going to be raised like this, but discussed along with other methods.”Dividends the family receives from their own shareholdings, in addition to the deceased Lee’s shares, are also expected to go toward paying the tax, analysts at Mirae Asset Securities and Shinyoung Securities said.On April 16, Samsung Electronics paid out 13.1 trillion won in year-end dividends, its largest single dividend payout ever, according to company filings. Of this, the Lee family’s portion was more than 1 trillion won, including for Lee Kun-hee’s 4.18% stake in Samsung Electronics, and for son and heir Jay Y. Lee’s 0.7% stake.The younger Lee is currently serving a 30-month prison term for bribery tied to former President Park Geun-hye.South Korean business culture believes there is merit in keeping leadership positions within the founding families of conglomerates, known in the country as chaebol, such as Samsung.Because of this, a pro-business lobby group and others have argued for a pardon for Jay Y. Lee so he can resume his role as Samsung vice-chairman.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":371316217,"gmtCreate":1618910453139,"gmtModify":1704716723296,"author":{"id":"3581996735242444","authorId":"3581996735242444","name":"rainyap","avatar":"https://static.tigerbbs.com/2a7d0f299d2fd92b5ecc47bc0064a053","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581996735242444","authorIdStr":"3581996735242444"},"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371316217","repostId":1164642563,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}