Seoul, SOUTH KOREA — The family behind the South Korean conglomerate Samsung has officially completed the payment of a 12 trillion won ($8 billion) inheritance tax bill, marking the largest such settlement in the nation’s history.
On Monday, the company confirmed that Lee Jae-yong, the executive chairman of Samsung Electronics, along with his mother and sisters, made the final of six installments over a five-year period.
The staggering tax bill stems from the estate of the late chairman Lee Kun-hee, who passed away in October 2020, leaving behind a fortune valued at approximately 26 trillion won. This massive payout is roughly one and a half times South Korea’s entire inheritance tax revenue for 2024, which stood at 8.2 trillion won. Despite the 50% tax rate—one of the highest globally—the family has managed to maintain control of the chaebol as their collective net worth surged to over $45 billion this year, fueled by the global Artificial Intelligence (AI) chip boom.
Okay News reports that the family’s holdings in key affiliates like Samsung C&T and Samsung Life Insurance actually increased during this period.
While the Samsung family concludes its fiscal duty, the global business landscape is witnessing unprecedented shifts. In a surprising move on Sunday, May 3, the video game retailer GameStop—led by Ryan Cohen—announced an unsolicited $55.5 billion takeover bid for the e-commerce giant eBay. The cash-and-stock offer represents a 46% premium over eBay’s February valuation, with GameStop aiming to transform the platform into a formidable rival to Amazon.
