Samsung family completes inheritance tax payments with Hong Ra-hee share sale

Hotel Shilla President Lee Boo-jin, left, and Leeum Museum Honorary Director Hong Ra-hee join President Lee's son surnamed Lim after the entrance ceremony held at Seoul National University in Gwanak-gu, Seoul, Feb. 26. Yonhap

Hong Ra-hee, the widow of late Samsung Group Chairman Lee Kun-hee, has sold a stake in Samsung Electronics worth nearly 3.1 trillion won ($2.1 billion) to complete the payment of inheritance taxes on assets left by the late tycoon, industry sources said Thursday.

Hong, honorary director of the Leeum Museum of Art and mother of Samsung Electronics Chairman Lee Jae-yong, sold 15 million shares in Samsung Electronics in a block deal before the market opened earlier in the day, according to the sources.

Her shares were sold at 205,237 won per share, reducing Hong's stake to 1.24 percent from 1.49 percent.

The sale marks the end of the family's effort to pay inheritance taxes, totaling about 12 trillion won, in installments over a five-year period that began in April 2021.

Along with Hong, Lee Jae-yong and his two sisters — Lee Boo-jin, chief executive of Hotel Shilla, and Lee Seo-hyun, president of Samsung C&T — have financed the tax burden through share sales in group affiliates and other funding measures since 2021.

The late chairman left assets estimated at around 26 trillion won, including stocks valued at 19 trillion won, when he died in October 2020.

The completion of the inheritance tax payments is expected to ease financial pressure on the family, potentially accelerating Chairman Lee's push for a "New Samsung" growth strategy.