It was disclosed that Hong Ra-hee, the ex-director of the Leeum Museum, President Lee Lee Boo-jin of Hotel Shilla, and Chairman Lee Seo-hyun of the Samsung Welfare Foundation borrowed a total of 4 trillion won (US$3.1 billion). The amount is taken from stock-secured loans in order to pay the inheritance tax of the late Chairman Lee Kun-hee of Samsung.
As per the Financial Supervisory Services electronic disclosure system on June 6. Both Hong, Lee Boo-jin, and Lee Seo-hyun lately got additional stock-secured loans. While this loan amount is exceeding 2 trillion won, which is said to be the highest for Hong. This is 1.4 trillion won for Hong, followed by President Lee Boo-jin with 517 billion won and Chairman Lee Seo-hyun with 190 billion won respectively. Therefore, along with previous loans, the sum up of the three would be 4.78 trillion won.
The interest burden on the Samsung family drastically increasing
The reason for this fresh increase in loans by Samsung is to pay potential inheritance tax. The same has been braced by the late Chairman Lee globally. Whereby the family members have been making use of an annual installment payment system. This is to pay the inheritance tax for over five years. While they have paid more than 6 trillion won till now. Also, it is estimated that more than 6 trillion won remains needed to pay over the duration of the next three years.
The interest burden on the Samsung family has greatly increased. Due to the global trend of rising interest rates that began last year. The interest rate on stock-secured loans received by Hong, Lee Boo-jin, and Lee Seo-hyun is currently in the 5% range. A potential increase from the 2% range two years ago. The three are expected to pay more than 200 billion won (US$154 million) in loan interest annually.
It has been coming to notice that family members have also started to sell some of their shares to alliance companies. The step is taken to secure funds for the inheritance tax.