Skip to content
Subscriber Only

LG Heir Denied Billionaire Status With $630 Million Death Tax

  • Koo Kwang-mo faces tax bill at one of world’s highest rates
  • Company chairman plans to pay the full amount over five years
Koo Kwang-mo, left, in Pyongyang, North Korea, 2018.

Koo Kwang-mo, left, in Pyongyang, North Korea, 2018.

Source: EPA-EFE/Pyongyang Press Corps/Pool

LG Chairman Koo Kwang-mo would be a billionaire in most countries.

The 40-year took the helm of LG Group, one of South Korea’s largest conglomerates, after his father died in May. He became the largest shareholder of LG Corp., the holding company of the global tech and chemical powerhouse that produces myriad products, including vacuum cleaners and smartphones, when he inherited his father’s 8.8 percent stake, according to a Nov. 2 filing. Koo now owns 15 percent of the company, valued at $1.55 billion.