Samsung Electronics said on Wednesday that the family of late chairman Lee Kun-hee will pay over 12 trillion in inheritance tax.
They will also pay 1 trillion won in donation for philanthropic works.
Members of the family hope to honor the life of the late chairman and his “commitment to corporate citizenship and co-prosperity by giving back to communities,” Samsung said.
Out of the 1 trillion won, 700 billion won will be put into fighting infectious diseases such as the COVID-19 pandemic, the company said.
Out of the 700 billion won, 500 billion won will be used to build a specialist hospital for infectious disease. The hospital will be built with state-of-the-art equipment and have 150 beds for patients. The remaining 200 billion won will be used to build related a research center.
The remaining 300 billion won out of the total will be used to pay medical expenses of children with cancers and rare diseases for ten years.
The late chairman’s personal art collection of 23,000 pieces will be donated to public institutes.
The family of the late chairman, which includes his son and vice chairman Lee Jae-yong, will pay over 12 trillion won in inheritance taxes for his total estate, which includes his stake in Samsung Life, Samsung Electronics and Samsung C&T, as well as real estate properties. The tax will be paid in installments over the next five years.
