Credited with raising his father’s business into a world conglomerate, Samsung Electronics chairman Lee Kun-hee died at a medical institution in South Korean capital Seoul on Sunday at the age of 78.

 

 

File picture of Samsung chairman overdue 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 at the age of 78. The nation’s wealthiest inventory proprietor, Lee helped develop his father Lee Byung-chull’s noodle buying and selling business right into a conglomerate with a belongings price of USD 375 billion as of May 2020.

According to Forbes, Lee Kun-hee leaves at the back of an internet price of USD 20.nine billion to his son Lee Jae-Yong and daughters Lee Boo-jin and Lee Seo-hyun.

Lee Kun-hee had stakes in 4 indexed Samsung corporations valued at USD 16.1 billion (18.2 trillion received) as of Friday’s final value. These come with Samsung Life Insurance, Samsung C&T, and Samsung SDS. As consistent with a report by news agency Reuters, Lee owned 4.18 consistent with cent, not unusual stocks and nil.08 of most well-liked stocks of Samsung Electronics price about 15 trillion received.

Rules prescribed by way of South Korea state {that a} 20 consistent with cent top rate is added to the appraisal worth of 1’s holdings prior to making use of the rustic’s 50 consistent with cent inheritance tax fee on indexed shares. This top-rate is according to the four-month reasonable of the stocks’ final marketplace value prior to and after the loss of life of the mentioned particular person.

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

 

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

Credited with remodeling Samsung into a world tech large, Lee Kun-hee was once additionally the landlord of 2 of the most costly particular person properties in all of South Korea. News company Yonhap estimates that his homes in central Seoul are valued at 40. nine billion received and 34.2 billion received respectively.

Lee’s widow Hong Ra-hee could also be a billionaire with an internet price of USD 1.eight billion, in line with Forbes.

His de facto inheritor, Lee Jae-Yong holds a stakes price of 7.2 trillion received in six of Samsung Group’s indexed associates. Forbes estimates Lee Jae-Yong’s price at USD 6.nine billion.

Similarly, Lee Kun-hee’s daughters- Lee Boo-jin and Lee Seo-hyun, are price USD 1.6 billion and USD 1.five billion respectively. While Lee Boo-jin is the president and leader of the government of Hotel Shilla, her sister Lee Seo-hyun oversees the Samsung Welfare Foundation.

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