Lee Jae-yong Deposits Samsung Electronics and C&T Shares in Court... Bereaved Families Secure 1.7 Trillion Won Loan from Financial Sector

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Hyeon-jin] Samsung Electronics Vice Chairman Lee Jae-yong has deposited shares of Samsung Electronics, Samsung C&T, and other holdings with the court to pay inheritance tax in installments. Lady Hong Ra-hee, Hotel Shilla President Lee Boo-jin, and Samsung Welfare Foundation Chairperson Lee Seo-hyun also deposited some shares of Samsung affiliates with the court, and it was revealed that they secured trillion-won loans from financial institutions using Samsung affiliate stocks held for inheritance tax payments.

Samsung Electronics disclosed on the 3rd that Vice Chairman Lee Jae-yong deposited 42.02 million voting shares (0.7%) of Samsung Electronics with the Seoul Western District Court on the 26th of last month. Samsung Electronics stated, "This is collateral for installment payment of inheritance tax." Samsung C&T also disclosed that Lee Jae-yong deposited 32.67 million shares (17.49%) of Samsung C&T with the Seoul Western District Court over three days: the 26th, 27th, and 29th of last month. Lee Jae-yong also provided 7.11 million shares (9.20%) of Samsung SDS as collateral for installment payment of inheritance tax to the court on the 26th of last month.

The Samsung family previously announced on the 28th of last month that they would pay the inheritance tax amounting to 12 trillion won in six installments over five years using the installment payment system. To use the installment payment system, a portion of shares must be provided as collateral to the tax authorities. Accordingly, Lee Jae-yong offered shares of Samsung Electronics, Samsung C&T, and Samsung SDS as collateral.

Lady Hong Ra-hee also deposited 24.12 million shares (0.40%) of Samsung Electronics. President Lee Boo-jin and Chairperson Lee Seo-hyun also deposited their shares of Samsung C&T and Samsung SDS with the court on the 26th of last month. President Lee Boo-jin deposited 2.82% of Samsung C&T and 3.90% of Samsung SDS shares, while Chairperson Lee Seo-hyun deposited 2.73% of Samsung C&T and 3.12% of SDS shares, respectively.

The bereaved family also secured large-scale loans from financial institutions to pay the inheritance tax. Lady Hong borrowed about 1 trillion won using Samsung Electronics shares as collateral from Woori Bank, Hana Bank, Korea Securities Finance, and Meritz Securities. Loans from Woori Bank and Hana Bank will be maintained until the pledge is released, but the loan from Korea Securities Finance is due by April 29 next year, and the 500 billion won loan from Meritz Securities contract expires on July 28.

President Lee Boo-jin and Chairperson Lee Seo-hyun also took loans from financial institutions. President Lee Boo-jin borrowed 333 billion won from Hana Bank and Korea Securities Finance using Samsung C&T shares as collateral. Chairperson Lee Seo-hyun borrowed 340 billion won from Hana Bank, Korea Securities Finance, and Hana Financial Investment. Chairperson Lee Seo-hyun also borrowed 47.1 billion won using Samsung SDS shares as collateral.

This content was produced with the assistance of AI translation services.