5.5 per cent following the family’s statement, which did not provide any details on how his 4.18 per cent stake in Samsung Electronics, 20.76 per cent stake of Samsung Life Insurance Co Ltd and shares in other affiliate companies would be distributed or sold.
Previously, the family had signalled a possibility of the shares affiliated companies being used as collateral for personal loans in order to fund part of the tax bill, thereby avoid selling his stake in Samsung holdings. Nevertheless, as the family has not yet revealed any concrete plans on the matter, and therefore investors will need to wait for regulatory filings which would disclose any changes in shareholding.
Apart from his stake in Samsung Electronics and Samsung Life Insurance, Lee’s shareholding, by value, also includes 0.08 per cent of Samsung Electronics preferred shares, 2.88 per cent of Samsung C&T, and 0.01per cent of Samsung SDS Co Ltd.
Last year, immediately after Lee’s death, his family was expected to settle inheritance taxes estimated at about $8.9 billion for listed stockholdings alone. This sparked hopes for stake sales, higher dividends and restructuring, as many anticipated that the family would sell stakes in some non-core firms, for tax settlements.
Meanwhile, Lee’s son and Samsung Electronics’ vice chairman Jay Y. Lee is currently serving a 30-month jail sentence for bribery and other offences, although the South Korean government is facing mounting pressure to pardon him for this conviction. He is also facing charges of fraud and stock manipulation.
