To pay inheritance taxes, family members of Samsung Electronics chairman Jay Y. Lee sold 2.8 trillion won (US$2.12 billion) worth of business and affiliate shares.
According to the Seoul Economic Daily and unnamed investment banking sources, Samsung Electronics sold approximately 29.8 million shares, or a 0.5% stake, at a discount of 1.2% to 2.0% from its Wednesday closing price of 73,600 won.
The logo of Samsung Electronics is seen at its office building in Seoul, South Korea South Korea, October 11, 2017. Photo by Reuters/Kim Hong-Ji
Shares in affiliates Samsung C&T, Samsung SDS, and Samsung Life Insurance were also offered concurrently in block sales valued at approximately 644 billion won, according to the newspaper.
The shares were sold by Hong Ra-hee, widow of late Samsung Group chairman Lee Kun-hee, and her children, including Jay Y. Lee.
Korea's top inheritance tax rate of 50% is significantly higher than the OECD average of 25% and ranks second only to Japan's 55%. According to The Korea Times, members of Korea's chaebol dynasties frequently sell firm shares or use them as collateral for bank loans to settle inheritance taxes.
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