As the family of late Samsung Chairman Lee Kun-hee prepares to pay over 12 trillion won (approximately $10.8 billion) in inheritance tax, investors are demanding for more details on how exactly the estate and his art collection will be divided.
Confusion and Dismay over Stakes Division
Analyst at HI Investment Securities, Lee Sang-hun said there was "general investor disappointment as no details about how the stakes will be divided were revealed."
At this point, investors need to wait for the family's regulatory filings to find out how they will divide the late Chairman's assets even if the family did say that they will donate his art collections. It is also unclear how exactly the Lee family will fund the payments.
The billion-dollar inheritance bill is being followed closely by estate experts and inheritance analyst as it is one of the biggest both in South Korea and around the world.
In a statement released by the electronics company, the family said "It is our civic duty and responsibility to pay all taxes."
It is expected that the Lee family will make use of dividends and loans to pay the whopping tax bill.
Inside the Lee's Private Art Collection
Lee is known in his home country to have a vast collection of different works of art, including pieces by Picasso and Dali.
News outlets have had varying accounts of just how many of Lee's artwork collection pieces will be donated to public museums. Some said more than 20,000, while other news agencies reported more than 30,000.
Among the thousands of art pieces that Lee owns is the "Inwang Jesaekdo" by local artist Jeong Seon. It was created in 1751 and was designated by the government in 1984 as the 216th National Treasure.
Another Korean National Treasure that Lee owns is the "Painting of the Bodhisattva of Great Compassion with a Thousand Arms." It is believed that Lee's art collection is home to more than 20 Korean national treasures.
Lee also owns Salvador Dali's "Family of Marsupial Centaurs" and Claude Monet's "Le Bassin Aux Nympheas," as well as Lee Jung-seob's "Bull."
Local art analysts have predicted that while majority of older artworks in the collection will be donated to museums, some of the foreign pieces may be sold through auctions as part of the tax bill payment efforts.
What Happens if the Lee Family Doesn't Pay Up?
One of the biggest questions that the public have asked regarding the trillion-won tax bill is what will happen if the Lee family could not pay up.
Analysts said there will likely be a Samsung shakeup while the family tries to make the five-year, installment payments that the family pledged. Experts added that the payment process is crucial for the family's future in Samsung stakes.
Lee owned 4.8 percent of Samsung Electronics during his lifetime. He also held stakes in various Samsung affiliates, which allowed Lee and his family, including his widow and three children, to have extensive control over the entire Samsung group of companies.
Most market experts believe the family will distribute Lee's assets in favour of the late chairman's corporate heir, Lee Jae-young. Lee's only son, charged with bribery, was sentenced to two years and six months in prison earlier this year.
