Samsung heirs pay 1st installment of inheritance taxes
In this graphic image are late Samsung Group chief Lee Kun-hee, top, and one of his heirs, his son Jae-yong. Korea Times file
Heirs of late Samsung Group chief Lee Kun-hee on Friday paid their first installment of record inheritance taxes after reporting to the authorities.
They announced Wednesday that they would pay more than 12 trillion won ($10.7 billion) in inheritance taxes, the largest amount in the country's history, in installments. They paid one-sixth of inherited assets upfront and will pay the rest over the next five years.
The senior Lee, who was South Korea's richest man, died in October last year and left assets estimated to be worth more than 22 trillion won, including stocks valued at around 19 trillion won. When real estate is counted, his assets may top 25 trillion won.
Lee was survived by his wife, Hong Ra-hee; only son, Jae-yong; and two daughters ― Boo-jin and Seo-hyun. (Yonhap)