Stakes in Samsung and associates held by its late chairman had been divided amongst his household and seem to bolster the management of his son and the corporate’s vice chairman, Jay Y. Lee, regulatory filings confirmed on Friday.
That is the primary time the data has been publicly disclosed since Lee Kun-hee, credited with turning Samsung into the world’s largest smartphone and reminiscence chip maker, died final October.
The inheritance was shared by his son Jay Y. Lee, daughters Lee Boo-jin and Lee Search engine optimisation-hyun, and spouse Hong Ra-hee.
Samsung’s Lee household to pay greater than $10.8b tax, donate artwork
Jay Y. Lee’s stake in Samsung Life Insurance coverage rose to 10.44% from 0.06% as he inherits half his father’s shares within the insurer.
His sisters inherit one-third and one-sixth of the late Lee’s shares in Samsung Life respectively, whereas Hong inherits none, in accordance with the submitting.
Samsung Life Insurance coverage performs a key function in controlling Samsung Electronics, because the tech big’s largest shareholder with an 8.51% stake.
Jay Y. Lee controls a further 19.34% of Samsung Life Insurance coverage via de facto holding firm Samsung C&T. Samsung C&T holds a 5% stake within the tech big.
“Vice chairman Jay Y. Lee’s management control of Samsung Electronics has been stabilised, by securing about 30% of Samsung Life Insurance in total,” stated Park Ju-gun, head of analysis agency Leaders Index.
“The chain of ownership that goes from Samsung C&T to Life to Electronics remains firm.”
Samsung received the smartphone market race in 2020
The inheritor is presently midway via a 30-month jail sentence for bribery and different offenses.
In the meantime, the late Lee’s stakes in Samsung C&T and Samsung Electronics had been inherited in accordance with South Korean regulation’s inheritance ratio, with Jay Y. Lee and his two sisters receiving about 22% of every of the late Lee’s stakes, and spouse Hong Ra-hee receiving about 33%.
This makes Hong, 75, the largest particular person shareholder in Samsung Electronics with a 2.3% stake value 11.2 trillion received as of Friday’s closing.
“Hong now holds a partial casting vote in Samsung Electronics,” Park stated.
Lee Kun-hee’s shareholdings included a 4.18% stake in Samsung Electronics, 20.76% of Samsung Life Insurance coverage, and a pair of.88% of Samsung C&T, which in accordance with South Korean tax code valuation had been value about $17 billion.
The household paid its first installment of about 2 trillion received in inheritance tax on Friday, Yonhap information company reported. Spokespeople for the tax company workplace and for the household’s regulation agency, Kim & Chang, couldn’t be instantly reached for remark.