The heirs of the late Samsung Group chief Lee Kun-hee on Friday paid 2 trillion won ($1.79 billion) toward their 12 trillion won-plus inheritance tax bill. The remaining amount, which exceeds the 10.6 trillion won collected in inheritance taxes throughout the country from 2017 to 2019, will be paid in installments over the next five years. Lee, who died in October, left an estate that was estimated to be worth more than 26 trillion won, including about 19 trillion won in stocks in key companies

Samsung Electronics and Seoul National University Hospital agreed on Monday to launch an official team to coordinate a 300 billion won ($267 million) donation from the bereaved family of the late Samsung Chairman Lee Kun-hee for children with cancer and rare diseases. On behalf of the Lees, Samsung Electronics Presidents Sung In-hee and Rhee In-yong, in charge of social contributions and corporate relations, attended the ceremony with Seoul National University Hospital President Kim Yon-su and

Lee Jae-young, vice chairman of global tech titan Samsung Electronics Co., has emerged as South Korea's richest stockholder following inheriting stocks from his late father, a corporate tracker said Monday. Lee's mother and his two sisters also ranked second to fourth, with Kim Beom-su, founder and chief of South Korea's top mobile messenger operator Kakao Corp, dropping to fifth, according to CXO Institute. The value of Lee's stock holdings stood at 15.62 trillion won ($14 billion) as of Frid

Samsung’s ownership family on Friday announced how the late group Chairman Lee Kun-hee’s Samsung stocks would be distributed among its members. Many local analysts saw it as the finale in a long, storied process of passing down control over the colossal corporate empire to the third-generation leader, Lee Jae-yong. The junior Lee, the deceased’s only son who had run the group on behalf of his bedridden father since 2014, inherited half of his holdings in Samsung Life Insuranc

Lee Jae-yong, the eldest son of the late Samsung Chairman Lee Kun-hee, officially became the leader of the Samsung empire by inheriting 50 percent of his father’s stake in Samsung Life Insurance, the company’s regulatory filing showed Friday. Lee received more than 20 million shares of the life insurer, owning a 10.44 percent stake in the affiliate, according to the filing. Samsung C&T, the construction arm and de facto holding company of Samsung Group, remains the largest sh

The bereaved family of Samsung Group Chairman Lee Kun-hee is not at odds over who should get what from the late tycoon’s Samsung company shares, worth 19 trillion won ($17.06 billion) in total, officials at Samsung Electronics, the flagship unit of the conglomerate, said Wednesday. The late Lee’s equity holdings have immense implications for the group’s ownership structure, influencing the Lee family’s continued grip over the colossal corporate empire, which alone acco

The founding family of Samsung Group will donate 1 trillion won ($899 million) to bolster the country’s medical infrastructure, including building Korea’s first hospital for infectious diseases, Samsung Electronics announced on Wednesday. The announcement was part of the bereaved family’s plan on inheritance tax payments on assets of the late Samsung Chairman Lee Kun-hee, who died on Oct. 25. The Lee family has decided to donate 700 billion won to better equip the medical s

As an official announcement on the biggest wealth inheritance in modern Korean history draws near, all eyes are on how much of the late Samsung Group Chairman Lee Kun-hee’s assets would be given to his eldest son Lee Jae-yong, who has in effect already inherited the control of the mammoth business conglomerate. According to industry sources on Tuesday, the bereaved family of the late tycoon is anticipated to announce this week, before an April 30 deadline, a final inheritance plan, incl

The bereaved family of Samsung Group Chairman Lee Kun-hee will make public its plans for the late tycoon’s massive personal wealth, estimated to be worth over 30 trillion won ($26.98 billion), industry sources said Tuesday. The plan will include donations of art from the chairman’s collection and the allocation of his stocks to family members, including Lee Jae-yong, his son and successor in the Samsung empire. It will also detail how the family plans to pay the inheritance taxes.

Financial soundness, capital size, and business potential have long been the criteria of measuring the value of financial companies here, but a new method, though subjective and somewhat abstract, is changing the assessment game. Since the pandemic, financial firms have been expanding services and products conscious of environmental, social and governance values while investors keep a close eye on whether business decisions of banking firms, stock brokers, card issuers or insurance firms run

A looming legal battle between a top insurance firm and an issuer of derivative-linked securities raises concerns over the financial product -- whose underlying asset, a trade finance fund, had deferred redemption. Samsung Life Insurance, which sold over 53 billion won ($47 million) worth of DLS products through a privately pooled fund, is awaiting court proceedings against NH Investment & Securities, the brokerage firm that issued the DLS for the seller, the company said Wednesday. A Sa

South Korean stock brokerage firms were among highest-paying companies across all industries last year with an average annual salary of more than 120 million won ($106,288), data showed on Thursday. According to data compiled by recruitment firm Job Korea, employees at Korea’s top 100 listed companies were paid an average annual pay of 83.2 million won. Claiming the top spot of the list for the highest-paying workplaces here, stock trading firm Samsung Securities, paid 131 million won

Despite the COVID-19 pandemic, which weighed down most of the world’s economies last year, the bilateral economic relationship between South Korea and Germany gained momentum even in the midst of market turbulence. While the auto and biopharma businesses flourished last year, it is the green growth and hydrogen energy sectors that are likely to pick up speed down the road, according to the chief representative of German businesses here. “Germany and South Korea are already moving

Environmental, social and corporate governance issues are gaining momentum in the local insurance sector as insurers increasingly follow the global ESG trend. In one of the latest moves, Samsung Fire and Maritime Insurance, the insurance arm of the nation’s largest conglomerate, set up a committee charged with making business decisions regarding ESG matters on Monday. The new committee will enable the insurance firm to swiftly respond to demand for ESG, the company said. “The c

The National Pension Service said Wednesday it would engage in voting for Posco Chairman and CEO Choi Jeong-woo’s new term as a Posco board member in a way that does not affect the result of the shareholders’ vote on Friday. The decision not to vote against Choi comes as a series of workplace accidents, the company‘s involvement in a coal-fired project and alleged ties to Myanmar‘s military coup piled pressure on Choi, who served as chief of the steel-to-chemicals congl