Samsung's heirs pay more than $ 10 billion in inheritance tax

The family of the late CEO of Samsung Electronics Group, Lee Kun-hee, will pay more than 12 trillion South Korean won, equivalent to 10.78 billion US dollars, in the form of inheritance tax in South Korea.

South Korea has one of the most valuable inheritance tax laws in the world.

In a statement, Lee Kun-hee's family said: The inheritance tax payment is one of the largest in South Korean history and globally, and was equivalent to four times the total property tax revenue of the Korean government last year.

Lee, the former owner of Samsung Group who is credited with turning the company into one of the biggest global names in the world of electronics, passed away in October of last year.

Investors in financial markets are following the developments of the inheritance tax owed by Lee Kun Hee's heirs, as it may have an impact on the family's share in the giant group.