Numlock News: October 26, 2021 • Oahu, Andy Warhol, Lemurs
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By Walt Hickey Succession Yesterday was the one-year anniversary of the death of Samsung Chairman Lee Kun-hee, the then-richest man in South Korea whose passing triggered an enormous inheritance tax debt. The 12 trillion won ($10.3 billion) owed by heirs to the Samsung fortune is a world record, and sent his heirs scrambling to liquidate positions they held in various chunks of the sprawling corporate structure of Samsung without giving up control of the company. In addition to donating 23,000 art pieces owned by Lee to museums to defray some of the cost, his widow sold 0.33 percent of Samsung Electronics to a bank to pay the tax, his eldest daughter will sell a 1.95 percent stake in software arm Samsung SDS, and his other daughter will sell 1.73 percent of Samsung Life Insurance. His son, Lee Jae-yong, who is on parole after serving half a 30-month prison term for corruption and also
Numlock News: October 26, 2021 • Oahu, Andy Warhol, Lemurs
Numlock News: October 26, 2021 • Oahu, Andy…
Numlock News: October 26, 2021 • Oahu, Andy Warhol, Lemurs
By Walt Hickey Succession Yesterday was the one-year anniversary of the death of Samsung Chairman Lee Kun-hee, the then-richest man in South Korea whose passing triggered an enormous inheritance tax debt. The 12 trillion won ($10.3 billion) owed by heirs to the Samsung fortune is a world record, and sent his heirs scrambling to liquidate positions they held in various chunks of the sprawling corporate structure of Samsung without giving up control of the company. In addition to donating 23,000 art pieces owned by Lee to museums to defray some of the cost, his widow sold 0.33 percent of Samsung Electronics to a bank to pay the tax, his eldest daughter will sell a 1.95 percent stake in software arm Samsung SDS, and his other daughter will sell 1.73 percent of Samsung Life Insurance. His son, Lee Jae-yong, who is on parole after serving half a 30-month prison term for corruption and also