Thu. May 6th, 2021

    Hong Ra-hee, the spouse of the late Samsung Group Chairman Lee Kun-hee, boosted her fortune to greater than $7 billion after receiving billions of {dollars} in shares within the much-awaited switch of her husband’s belongings.

    Hong, 75, inherited about 83 million shares in Samsung Electronics Co, making her the biggest particular person shareholder within the tech large with a 2.3% stake, in response to a submitting final week. Hong is the richest lady in South Korea with a web price of $7.4 billion as of Monday’s stock-market shut, in response to the Bloomberg Billionaires Index.

    It’s one other consequence of the huge passing of wealth after Lee’s dying, which noticed his son Jay Y cement management over the group after his holdings rose considerably in key associates. The late Lee’s solely son is price $12.6 billion, in response to the index, whereas his sisters Boo-jin and Search engine optimization-hyun noticed their wealth swell to $5 billion and $4.4 billion, respectively.

    “It’s a win-win state of affairs for the relations,” mentioned Park Ju-gun, head of Seoul-based analysis agency Leaders Index. “It has ensured extra steady management for Jay Y Lee, whereas different relations get extra of a voice with their elevated stakes.”

    A Samsung Electronics spokeswoman declined to touch upon the household’s web price.

    The drama over succession at South Korea’s largest firm has roiled the nation because the late Lee, the patriarch and longtime head of Samsung Electronics, suffered a coronary heart assault in 2014. Jay Y Lee has been accused in two totally different lawsuits of unlawful habits to make sure management over the conglomerate and is at present serving a jail sentence after a conviction for bribery within the first case.

    Hong acquired the largest slice of the late Lee’s stake in Samsung Electronics because it was divided in a 3:2:2:2 ratio between her and her three youngsters. Hong received about 33% of the shareholding, whereas her youngsters every acquired about 22%, in response to the legally prescribed ratio.

    Inventory holdings within the conglomerate’s different key associates, its de facto holding firm Samsung C&T Corp and Samsung SDS Co, have been transferred in response to the identical ratio.

    However Jay Y was in a position to tighten his grip as he acquired half his father’s shares in Samsung Life Insurance coverage Co, elevating his stake to greater than 10% from 0.06%. Samsung Life owns 8.5% of Samsung Electronics.

    Final week, the household introduced its plan to pay one of many largest inheritance-tax payments at greater than 12 trillion received ($10.7 billion), in addition to its intention to donate 1 trillion received for medical services and about 23,000 artistic endeavors, together with items by Pablo Picasso and Claude Monet.

    Hong led Samsung’s Leeum museum, which homes works corresponding to Jean-Michel Basquiat’s “Untitled (Black Determine)” and Gerhard Richter’s “Two Candles.” She resigned as director in 2017, and hasn’t taken any administration roles at Samsung firms.

    “It’s a unprecedented focus of wealth,” Park mentioned. “This single household’s fortune creates inequality even amongst conglomerates.”

    Source link