Seoul: The family of the late Samsung Group Chairman Lee Kun-hee has announced plans to sell shares in Samsung Electronics valued at 2.85 trillion won (US$1.92 billion) to address inheritance tax obligations. This information was revealed through regulatory filings made public on Sunday.

According to Yonhap News Agency, Hong Ra-hee, the widow of Lee Kun-hee and an honorary director of the Leeum Museum of Art, executed an agreement on January 9 to sell 15 million shares in Samsung Electronics. The transaction is being facilitated through Shinhan Bank, with the shares valued at approximately 2.85 trillion won, reflecting the company's closing price of 139,000 won on the day the agreement was finalized.

The decision to proceed with this significant block sale is largely perceived as a strategic move to manage the substantial inheritance taxes, which total 12 trillion won, following Lee Kun-hee's passing in October 2020. Since his death, the family has been methodically addressing the inheritance taxes through a structured payment plan, spanning five years, which commenced in April 2021. The concluding payment is scheduled for April.