Samsung Heirs Pledge $13 Billion in Shares to Buy Time for Massive Tax Bill
- Lee family has committed shares in four Samsung companies
- World’s second-largest stock pledge relates to inheritance tax
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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.
Since 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 the Bloomberg Billionaires Index, only Oracle Corp.’s Larry Ellison has pledged more shares.