Samsung president Lee Jianxi dies, heir may face $7.6 billion estate tax

  Original title: Samsung’s chairman Lee Kin-hee passed away and heir may face an estate tax of $7.6 billion.

   News on the morning of October 25th, according to Yonhap News, South Korean Samsung’s chairman Lee Jian-hee passed away. He was 78 years old. In the Forbes 2020 list of the richest in South Korea released on July 9, Samsung’s chairman Lee Kin-hee ranked first with a fortune of $17.3 billion; his son, Samsung’s vice chairman Lee Jae-yong, had a fortune of $6.7 billion, ranking fourth.

   According to Ernst & Young’s previous According to the report, South Korea’s inheritance tax is among the highest in the world, with the highest tax rate higher than 45% in France and 40% in the United Kingdom and the United States, the same as Germany and Switzerland. The minimum tax rate is 18%, and the maximum tax rate of more than $25 million is 50%.

  Based on this calculation, after Li Jianxi’s death, his heirs may face an estate tax of US$7.6 billion. Previously, foreign media speculated that paying huge inheritance taxes may complicate the Lee family’s control of Samsung Group.

   Prior to this, Li Jianxi was accused of tax evasion and embezzlement of the company’s assets totaling over 11.8 billion won. This includes hiding its equity assets in more than 480 economic accounts in the name of Samsung executives to evade capital gains tax of 8.5 billion won; it also includes embezzling about 3.3 billion won of Samsung C&T’s funds to refurbish it during 2009-2014. Luxury house in Seoul.

   On December 27, 2019, South Korean prosecutors announced the suspension of prosecution of Li Jianxi, mainly due to his poor health.

   According to Yonhap News Agency’s report that day, the prosecution’s decision actually means that they are closing the case against South Korea’s richest man. Li Jianxi has been in a coma since his heart attack in 2014.

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