Only 10 trillion in inheritance taxes? … Will the change in corporate governance of Samsung come?



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◀ Anchor ▶

Now the interest is the future of Samsung without President Lee Kun-hee.

Samsung has already been led by Vice President Lee Jae-yong since the fall of President Lee six years ago, so there is no significant impact on the administration right away.

But there are also variables.

Vice President Lee is currently on trial on suspicion of illegal administrative succession.

Samsung’s governance structure may also be affected by the way President Lee’s assets are inherited, which exceed 18 trillion won.

Reporter Jo Yoon-jung reports.

◀ Report ▶

President Lee Kun-hee returned from Hawaii in 2014.

[故 이건희 회장]
“(How is your health?) Health? (Yes.) Go hand in hand like this …”

When President Lee suddenly collapsed a month later, Vice President Lee Jae-yong effectively served as the group’s leader.

Specifically, the following year a merger was carried out between Cheil Industries and Samsung C&T, which will be the key to the succession of management rights.

At the time, a trial is underway on charges that the merger was conducted illegally in favor of Vice President Lee Jae-yong, but as Vice President Lee, he has set a great framework for the succession anyway.

Interest is the shares owned by Chairman Lee Kun-hee.

Chairman Lee, the number one shareholder in Korea, is a major shareholder in key group affiliates such as Samsung Electronics (4.18%) and Samsung Life Insurance (20.76%), and has a stock valuation of over KRW 18.2 billion.

The inheritance tax alone is expected to reach 10 trillion won, but it can be a variable in the governance structure depending on how the grieving family inherits it.

[박상인/서울대 행정대학원 교수]
“Because the issue of inheritance has yet to be resolved … everything is at stake in how to divide the series (of the group) after that, depending on how (inheritance) is achieved.”

The revision of the insurance industry law, which is being discussed in the National Assembly, is also a variable.

This is because if the amendment passes, Samsung Electronics’ Samsung Life shares must be sold for up to 20 trillion won and Vice President Lee Jae-yong’s control over Samsung Electronics could weaken as a result.

[박주근/CEO스코어 대표]
“The most important question will be how to resolve the stake in Samsung Electronics, which is dominated by Samsung Life.”

In the long term, there is also the possibility that the affiliates will be separated by three children, including Vice President Lee Jae-yong.

I’m Yoon-Jung Jo from MBC News.

(Video coverage: Changsoon Lee / Editing: Dongwon Wi)

[연관기사]

1. President Lee Kun-hee Dies After 6 Years of Fighting Disease … The Deep Footsteps of 78 Years

2. The family leader during 4 days of ‘this visual criticism’ … Commemoration of all areas of life

3. Myth of semiconductors “Change everything” … Contrast of canonical collusion and illegal succession

4. Only 10 billion in inheritance taxes? … Will the change in corporate governance of Samsung come?

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