South Korea’s richest individual dies at 78: Samsung chairman Lee Kun-hee leaves behind $21 billion empire

Credited with rising his father’s enterprise into a worldwide conglomerate, Samsung Electronics chairman Lee Kun-hee died at a hospital in South Korean capital Seoul on Sunday on the age of 78.

File photograph of Samsung chairman late Lee Kun-hee (left) (Photo Credits: Associated Press)

South Korea’s richest individual and chairman of Samsung Electronics Co, Lee Kun-hee died on Sunday on the age of 78. The nation’s wealthiest inventory proprietor, Lee helped develop his father Lee Byung-chull’s noodle buying and selling enterprise right into a conglomerate with property price USD 375 billion as of May 2020.

According to Forbes, Lee Kun-hee leaves behind a web price of USD 20.9 billion to his son Lee Jae-yong and daughters Lee Boo-jin and Lee Seo-hyun.

Lee Kun-hee had stakes in 4 listed Samsung corporations valued at USD 16.1 billion (18.2 trillion received) as of Friday’s closing value. These embody Samsung Life Insurance, Samsung C&T, and Samsung SDS. As per a report by information company Reuters, Lee owned 4.18 per cent widespread shares and 0.08 of most popular shares of Samsung Electronics price about 15 trillion received.

Rules prescribed by South Korea state {that a} 20 per cent premium is added to the appraisal worth of 1’s holdings earlier than making use of the nation’s 50 per cent inheritance tax charge on listed shares. This premium relies on the four-month common of the shares’ closing market value earlier than and after the dying of the mentioned particular person.

A calculation by Reuters places Lee Kun-hee’s inheritance tax for listed shares at round 10.6 trillion received.

File photograph of Lee Kun-hee’s de facto inheritor Lee Jae-yong (Photo Credits: AP)

Credited with remodeling Samsung into a worldwide tech large, Lee Kun-hee was additionally the proprietor of two of the costliest particular person houses in all of South Korea. News company Yonhap estimates that his homes in central Seoul are valued at 40.9 billion received and 34.2 billion received respectively.

Lee’s widow Hong Ra-hee can also be a billionaire with a web price of USD 1.eight billion, in response to Forbes.

His de facto inheritor, Lee Jae-yong holds stakes price 7.2 trillion received in six of Samsung Group’s listed associates. Forbes estimates Lee Jae-yong’s price at USD 6.9 billion.

Similarly, Lee Kun-hee’s daughters- Lee Boo-jin and Lee Seo-hyun, are price USD 1.6 billion and USD 1.5 billion respectively. While Lee Boo-jin is the president and chief government of Hotel Shilla, her sister Lee Seo-hyun oversees the Samsung Welfare Foundation.

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