The company is by far the largest of the family-controlled empires known as chaebols. FMTNews Samsung
SEOUL: The heirs to South Korea’s Samsung group announced their plans to pay more than US$10 billion in death duties today – one of the world’s biggest ever inheritance tax settlements – including donating Picasso and Monet artworks.
Lee’s family “expects to pay more than 12 trillion won in taxes related to inheritance, which is more than half of the value of the late chairman’s total estate”, Samsung said in a statement. Works by artists Marc Chagall, Pablo Picasso, Paul Gauguin as well as Claude Monet, Joan Miro and Salvador Dali will be donated to the National Museum of Modern and Contemporary Art, it added.Another 1 trillion won will be donated to health causes, half of it to be spent on building the South’s first specialist infectious diseases hospital.
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