Factbox: Samsung's Lee leaves behind $21 billion wealth for inheritance

Samsung E&A Co

25/10/2020 22:01

(Repeats Sunday story with no change to text)
    By Joyce Lee and Hyunjoo Jin
    SEOUL, Oct 25 (Reuters) - Lee Kun-hee, South Korea's richest
person and chairman of Samsung Electronics Co  005930.KS , died
on Sunday, leaving behind considerable assets subject to be
potentially inherited by his surviving family as well as
inheritance tax.  urn:newsml:reuters.com:*:nL1N2HG01W
    Here is a rundown of his net worth, which Forbes says
amounts to $20.9 billion, and expected inheritance tax. 
    
    STOCKS    
    Lee was the wealthiest stock owner in South Korea, and had
stakes in four listed Samsung companies valued at about 18.2
trillion won ($16.1 billion) as of Friday's closing price. 
    His stock ownership included 4.18% of Samsung Electronics
 005930.KS  common shares and 0.08% of preferred shares, worth
about 15 trillion won in total; a 20.76% stake in Samsung Life
Insurance  032830.KS  worth about 2.6 trillion won; a 2.88%
stake in Samsung C&T  028260.KS  worth about 564 billion won;
and a 0.01% stake in Samsung SDS  018260.KS  worth about 1.67
billion won, according to Reuters calculations based on Fair
Trade Commission data.
    
    REAL ESTATE    
    His two known houses in central Seoul are the priciest
individual homes in the country, with ground area of 1,245.1 and
3,422.9 square metres, respectively. They were valued at about
40.9 billion won and 34.2 billion won, Yonhap news agency
reported earlier this year. 
    
    HEFTY INHERITANCE TAX
    According to South Korean tax rules, before applying the
country's 50% inheritance tax rate on listed stocks, a 20%
premium is added to the appraisal value of the deceased person's
holdings, which will be based on the four-month average of the
shares' closing market price before and after the death. 
    On current estimates, the inheritance tax for the above
stocks alone is expected to be around 10.6 trillion won,
according to a Reuters calculation.    

    CHILDREN'S WEALTH
    Jay Y. Lee, de facto heir to the elder Lee, has stakes worth
a total of about 7.2 trillion won in six of Samsung Group's
listed affiliates as of Friday's closing, according to a Reuters
calculation. 
    The younger Lee has a 0.7% stake in Samsung Electronics and
a 17.3% stake in Samsung C&T, the group's de facto holding firm.
He also owns a 9.2% stake in Samsung SDS, 1.5% in Samsung
Engineering  028050.KS , and less than 0.1% of Samsung Life
Insurance and Samsung Fire & Marine Insurance  000810.KS  each,
according to regulatory filings. 
    Daughters Lee Boo-jin, CEO of Hotel Shilla  008770.KS , and
Lee Seo-hyun, who runs the Samsung Foundation, each own stakes
in Samsung C&T and Samsung SDS worth about 1.6 trillion won.
    
($1 = 1,127.9500 won)

 (Reporting by Joyce Lee and Hyunjoo Jin; Editing by Miyoung Kim
and William Mallard)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))