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Late Samsung chairman’s stock value exceeds W20tr on November gains
Rising stock prices means more inheritance tax, experts say
By Jie Ye-eunPublished : Nov. 17, 2020 - 16:11
Boosted by the recent surge in stock prices of Samsung Group affiliates, the stockholding value of late group Chairman Lee Kun-hee surpassed the 20 trillion won ($18.07 billion) mark for the first time, data showed Tuesday.
According to data compiled by local corporate tracker Chaebul.com, the accumulated stock value of the late chairman came to some 20.08 trillion won as of Monday, soaring about 14 percent from some 17.62 trillion won at the end of last year. Lee died last month after six years of hospitalization.
The late chairman’s stocks have not been passed on to his wife and children yet, as they need to wait for his estate to be settled. The Samsung family heirs are subject to a 60 percent tax rate on the inherited stocks under the nation’s tax and antitrust rules.
The jump in his stockholding value is largely attributed to the rising stock prices of Samsung’s key affiliates this month, particularly crown jewel Samsung Electronics.
Samsung Electronics’ stock closed at 66,300 won per share on Monday. It jumped by 17.1 percent from Oct. 30, when it marked 56,600 won per share at the closing bell. Shares of Samsung C&T and Samsung Life Insurance also advanced by 12.2 percent and 8.3 percent to 124,000 won and 63,200 won, respectively, in the cited period.
Lee held a 4.18 percent stake in the flagship Samsung Electronics, along with another 0.08 percent share in the firm’s preferred stocks. His stakes in Samsung Life Insurance and Samsung C&T were 20.76 percent and 2.88 percent, respectively. Lee also held a 0.01 percent stake in the information technology unit Samsung SDS.
The chairman has remained South Korea’s biggest stockholder since 2009.
His only son, Samsung Electronics Vice Chairman Lee Jae-yong, saw his stock value rise by 10.9 percent from end-December to mark nearly 8.15 trillion won as of Monday.
“To put it simply, when Samsung Electronics stock rises by 100 won per share, the amount of inheritance tax increases about 15 billion won. With the calculation, the sharp rise of Lee Kun-hee’s stock value has put more pressure on Lee Jae-yong,” said an industry official who wished to remain anonymous.
“However, it can be good news to investors, thanks to the surge in the shares. As the chance for more allocation to shareholders (to secure funds) increases, the tech giant stock has become a more attractive investment destination for stock investors.”
By Jie Ye-eun (yeeun@heraldcorp.com)
According to data compiled by local corporate tracker Chaebul.com, the accumulated stock value of the late chairman came to some 20.08 trillion won as of Monday, soaring about 14 percent from some 17.62 trillion won at the end of last year. Lee died last month after six years of hospitalization.
The late chairman’s stocks have not been passed on to his wife and children yet, as they need to wait for his estate to be settled. The Samsung family heirs are subject to a 60 percent tax rate on the inherited stocks under the nation’s tax and antitrust rules.
The jump in his stockholding value is largely attributed to the rising stock prices of Samsung’s key affiliates this month, particularly crown jewel Samsung Electronics.
Samsung Electronics’ stock closed at 66,300 won per share on Monday. It jumped by 17.1 percent from Oct. 30, when it marked 56,600 won per share at the closing bell. Shares of Samsung C&T and Samsung Life Insurance also advanced by 12.2 percent and 8.3 percent to 124,000 won and 63,200 won, respectively, in the cited period.
Lee held a 4.18 percent stake in the flagship Samsung Electronics, along with another 0.08 percent share in the firm’s preferred stocks. His stakes in Samsung Life Insurance and Samsung C&T were 20.76 percent and 2.88 percent, respectively. Lee also held a 0.01 percent stake in the information technology unit Samsung SDS.
The chairman has remained South Korea’s biggest stockholder since 2009.
His only son, Samsung Electronics Vice Chairman Lee Jae-yong, saw his stock value rise by 10.9 percent from end-December to mark nearly 8.15 trillion won as of Monday.
“To put it simply, when Samsung Electronics stock rises by 100 won per share, the amount of inheritance tax increases about 15 billion won. With the calculation, the sharp rise of Lee Kun-hee’s stock value has put more pressure on Lee Jae-yong,” said an industry official who wished to remain anonymous.
“However, it can be good news to investors, thanks to the surge in the shares. As the chance for more allocation to shareholders (to secure funds) increases, the tech giant stock has become a more attractive investment destination for stock investors.”
By Jie Ye-eun (yeeun@heraldcorp.com)
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