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[이데일리 전선형 기자] The bereaved family of the late Samsung Group chairman Lee Kun-hee asked the financial authorities to delay the deadline for changing Samsung Life’s largest shareholder. It seems that the astronomical inheritance tax payment problem to inherit Samsung Life’s shares held by the late Chairman Kun-hee Lee, Samsung Life’s largest shareholder, seems to have had an impact.
In addition, as vice chairman Lee Jae-yong of Samsung Electronics was detained in court in a court ruling for destruction and repatriation related to Gukjeong Nongdan, a variable arose in the inheritance of Samsung Life’s shares by the bereaved.
As Samsung Life owns 8.51% of Samsung Electronics’ common stock, it is observed that there may be a considerable change in Samsung Electronics’ governance structure depending on who inherits Samsung Life and how much.
According to the financial authorities on the 20th, the Financial Services Commission voted’Approval for extending the application period for approval of changes to Samsung Life’s major shareholders for three members including Rahee Hong’ at the first meeting held on the 13th. The three are the former director of Leeum Museum of Art, Hong Ra-hee, wife of the late Chairman Lee, and Lee Bu-jin, president of Hotel Shilla, and Lee Seo-hyun, chairman of the Samsung Welfare Foundation.
According to the Financial Companies Governance Act, in the event that a financial company acquires or takes over shares due to the death of a shareholder in a financial company and becomes a major shareholder, an application for approval of the change of the largest shareholder must be made to the Financial Services Commission within 3 months from the date of the death of the existing shareholder. do. However, if there is an unavoidable reason, an extension of 3 months is possible.
The late Chairman Lee is the largest shareholder with 20.76% of Samsung Life Insurance. Chairman Lee’s death date was October 25 last year, and he had to apply for a change of major shareholders by this week. However, when the Financial Services Commission accepts the request for an extension of the deadline of the survivors, they can apply for the change of the largest shareholder by April.
It seems that the reasons for the late Chairman Lee’s inheritance tax payment and the issue of the equity structure are entangled in the bereaved family’s application for extension of the deadline for the change of Samsung Life’s largest shareholder.
The late Chairman Lee owned Samsung Electronics 4.18% (preferred stock 0.08%), Samsung Life Insurance 20.76%, Samsung C&T 2.88%, and Samsung SDS 0.01%. At present, details such as who will inherit the larger stake among the legal heirs over the late Chairman Lee’s share have not been set. According to the legal inheritance, former director Hong will have one-third of the total inheritance, and two-ninths of the children.
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The deadline for paying the inheritance tax for the late Chairman Lee’s family is by the end of April this year. In addition to changing the majority shareholder of Samsung Life, it is necessary to decide who will inherit and how much shares of the affiliates held by Chairman Lee. The inheritance tax of the late Chairman Lee’s affiliates, which the bereaved family must pay, is estimated to be over 11 trillion won.
Vice-Chairman Lee Jae-yong, the eldest son, owns 0.7% of Samsung Electronics’ common stock. In addition, it holds a 0.06% stake in Samsung Life’s common stock. By inheriting shares of Samsung Electronics and Samsung Life, which the late Chairman Lee held, it is possible to strengthen control over Samsung Life as well as Samsung Electronics. The siblings, President Lee Bu-jin and Chairman Lee Seo-hyun, have no stake in Samsung Life and Samsung Electronics.
However, some analysts say that as Vice Chairman Lee Jae-yong was recently arrested in court, changes could occur in the restructuring of the group’s governance structure, including the inheritance of Samsung Life Insurance. On the 18th, the Seoul High Court was sentenced to two years and June in jail at a repatriation trial for Vice-Chairman Lee, who was charged with bribery and other charges. Vice-Chairman Lee’s sentence will end in July 2022.
As Vice Chairman Lee became the’body of English’, there is a prospect that a setback will inevitably be disrupted in the preparation of inheritance tax resources through the reorganization of the corporate governance structure including the inheritance of shares among families.
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