Seoul: Hong Ra-hee, the widow of the late Samsung Group Chairman Lee Kun-hee, has sold a significant portion of her stake in Samsung Electronics Co., valued at nearly 3.1 trillion won (US$2.1 billion), to complete the payment of inheritance taxes on the assets bequeathed by the late tycoon. Industry sources revealed this development on Thursday.

According to Yonhap News Agency, Hong, who serves as the honorary director of the Leeum Museum of Art and is the mother of Samsung Electronics Chairman Lee Jae-yong, executed a block deal involving 15 million shares in Samsung Electronics. The transaction was completed before the market opened earlier in the day. The shares were sold at a price of 205,237 won each, which resulted in a reduction of Hong's stake in the company from 1.49 percent to 1.24 percent.

This sale represents the culmination of the family's extensive efforts to settle the inheritance taxes, which amounted to approximately 12 trillion won. These payments have been made in installments over a period that started in April 2021. Alongside Hong, Lee Jae-yong, along with his sisters Lee Boo-jin, CEO of Hotel Shilla, and Lee Seo-hyun, President of Samsung C and T, have been addressing this tax obligation through share sales in group affiliates and other financial measures since 2021.

The late chairman Lee Kun-hee's estate was estimated to be worth around 26 trillion won, with stocks alone accounting for 19 trillion won, following his passing in October 2020. The completion of these inheritance tax payments is anticipated to alleviate the financial strain on the family, potentially accelerating Chairman Lee Jae-yong's initiatives towards a "New Samsung" growth strategy.