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2021-11-25
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Samsung Heirs Pledge $13 Billion in Shares to Buy Time for Massive Tax Bill
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Lee and his family have committed part of their stakes in four of the conglomerate’s firms, including Samsung Electronics Co. and de-facto holding company Samsung C&T Corp., filings show. Among the 500 members of theBloomberg Billionaires Index, only Oracle Corp.’s Larry Ellison has pledged more shares.</p>\n<p>Most of the Samsung stock is parked with a court as collateral for the inheritance tax levy of more than 12 trillion won ($10.1 billion). The heirs of Lee Kun-hee, the group’s patriarch who died last year, revealed in April they would settle the bill in six installments over five years.</p>\n<p>“It’s the best way for the Samsung family to pay the huge tax,” said Chung Sun-sup, chief executive officer of corporate-analysis firm Chaebul.com in Seoul. “The easiest way would be cashing in their stakes, but they wouldn’t want to reduce their ownership. Pledging shares for tax installments doesn’t affect their voting rights.”</p>\n<p>The arrangement is relatively common among the rich in South Korea, where the death taxratecan be as high as 60%. In order to pay in installments, the law requires collateral worth 120% of the amount due. The sum is decided based on the closing stock prices the day before an agreement is made.</p>\n<p>The Lees have deposited stock that is now worth $10.7 billion with the Seoul Western District Court, the filings show.</p>\n<p>Jay Y. Lee, who cemented control over the conglomerate after his father’s death, has committed 96% of his stake in Samsung C&T to the court, as well as shares in Samsung Electronics and IT services company Samsung SDS Co. His mother, Hong Ra-hee, and sisters, Seo-hyun and Boo-jin, have provided some of their holdings to the court as collateral, too, including some of Boo-jin’s shares in Samsung Life Insurance Co.</p>\n<p>Hong and Lee’s sisters have also pledged $2.6 billion worth of stock to borrow money from financial institutions, the filings show.</p>\n<p>The pledges for loans, while smaller, carry the risk of margin calls that could cause family members to sell part of their holdings in group companies if the stocks fall.</p>\n<p>The pledges for bank loans “can be a risk factor that adds concern about corporate ownership,” said Hwang Sei-woon, a senior research fellow at the Korea Capital Market Institute. “Market conditions could affect their stock collateral and the reduction in ownership might be a potential impact.”</p>\n<p>Samsung Electronics has dropped 7.7% this year, heading for its first annual decline since 2018, mainly due to concerns over sluggish memory-chip prices. But analystsremain optimisticabout the stock and predict a rebound. Demand for the chips could rise thanks to 5G phones and artificial intelligence, Bloomberg Intelligence analyst Masahiro Wakasugi wrote in a report this month.</p>\n<p>A Samsung Electronics representative declined to comment on the pledges and whether there will be more.</p>\n<p>Jay Y. Lee is worth $8 billion after removing the value of the pledged shares, according to theBloomberg Billionaires Index. The Samsung Electronics vice chairman, who was sentenced to jail for bribery and released on parole in August, has lost his spot as South Korea’s richest person to Brian Kim of mobile-messenger operator Kakao Corp.</p>\n<p>Larry Ellison has pledged about $29 billion in Oracle stock, the most among the members of the Bloomberg Billionaires Index.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Samsung Heirs Pledge $13 Billion in Shares to Buy Time for Massive Tax Bill</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSamsung Heirs Pledge $13 Billion in Shares to Buy Time for Massive Tax Bill\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-25 08:14 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-11-24/samsung-heirs-pledge-stakes-worth-13-billion-as-tax-bill-looms><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Samsung Group’s heirs have pledged stock worth more than $13 billion in one of the world’s largest collateral commitments, mostly to buy time to pay a massive inheritance tax bill.\nSince April, Jay Y....</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-11-24/samsung-heirs-pledge-stakes-worth-13-billion-as-tax-bill-looms\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-11-24/samsung-heirs-pledge-stakes-worth-13-billion-as-tax-bill-looms","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116893082","content_text":"Samsung Group’s heirs have pledged stock worth more than $13 billion in one of the world’s largest collateral commitments, mostly to buy time to pay a massive inheritance tax bill.\nSince April, Jay Y. Lee and his family have committed part of their stakes in four of the conglomerate’s firms, including Samsung Electronics Co. and de-facto holding company Samsung C&T Corp., filings show. Among the 500 members of theBloomberg Billionaires Index, only Oracle Corp.’s Larry Ellison has pledged more shares.\nMost of the Samsung stock is parked with a court as collateral for the inheritance tax levy of more than 12 trillion won ($10.1 billion). The heirs of Lee Kun-hee, the group’s patriarch who died last year, revealed in April they would settle the bill in six installments over five years.\n“It’s the best way for the Samsung family to pay the huge tax,” said Chung Sun-sup, chief executive officer of corporate-analysis firm Chaebul.com in Seoul. “The easiest way would be cashing in their stakes, but they wouldn’t want to reduce their ownership. Pledging shares for tax installments doesn’t affect their voting rights.”\nThe arrangement is relatively common among the rich in South Korea, where the death taxratecan be as high as 60%. In order to pay in installments, the law requires collateral worth 120% of the amount due. The sum is decided based on the closing stock prices the day before an agreement is made.\nThe Lees have deposited stock that is now worth $10.7 billion with the Seoul Western District Court, the filings show.\nJay Y. Lee, who cemented control over the conglomerate after his father’s death, has committed 96% of his stake in Samsung C&T to the court, as well as shares in Samsung Electronics and IT services company Samsung SDS Co. His mother, Hong Ra-hee, and sisters, Seo-hyun and Boo-jin, have provided some of their holdings to the court as collateral, too, including some of Boo-jin’s shares in Samsung Life Insurance Co.\nHong and Lee’s sisters have also pledged $2.6 billion worth of stock to borrow money from financial institutions, the filings show.\nThe pledges for loans, while smaller, carry the risk of margin calls that could cause family members to sell part of their holdings in group companies if the stocks fall.\nThe pledges for bank loans “can be a risk factor that adds concern about corporate ownership,” said Hwang Sei-woon, a senior research fellow at the Korea Capital Market Institute. “Market conditions could affect their stock collateral and the reduction in ownership might be a potential impact.”\nSamsung Electronics has dropped 7.7% this year, heading for its first annual decline since 2018, mainly due to concerns over sluggish memory-chip prices. But analystsremain optimisticabout the stock and predict a rebound. Demand for the chips could rise thanks to 5G phones and artificial intelligence, Bloomberg Intelligence analyst Masahiro Wakasugi wrote in a report this month.\nA Samsung Electronics representative declined to comment on the pledges and whether there will be more.\nJay Y. Lee is worth $8 billion after removing the value of the pledged shares, according to theBloomberg Billionaires Index. The Samsung Electronics vice chairman, who was sentenced to jail for bribery and released on parole in August, has lost his spot as South Korea’s richest person to Brian Kim of mobile-messenger operator Kakao Corp.\nLarry Ellison has pledged about $29 billion in Oracle stock, the most among the members of the Bloomberg Billionaires Index.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1023,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/874539708"}
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