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The loot is 16,800 million euros and
15% of the GDP and 20% of the country's exports
depend
on
its distribution
.
The main
heir
- who is immersed in a judicial process for which he could
return to jail
- and his two sisters form the shortlist that will share control of Samsung after the death of their father, the historical leader Lee Kun-hee.
A death that transcends personal tragedy and the sphere of private business: it is
a matter of State
on which the future of the world's eleventh economy depends.
A matter of State that is even more complicated if we have that of the 16,800 million euros that the deceased leaves in inheritance (the vast majority in the form of shares that are key to controlling the Samsung business conglomerate) they must be taxed with
an inheritance tax 65%
, according to South Korean law.
Despite the fact that his three
heirs
are billionaires (all of them have important personal fortunes and are
in the top 20 of the richest in their country)
the high amount that the administration must receive to
process the inheritance
complicates the situation at an economically delicate moment globally.
Although Samsung is a company that does not need a presentation in Spain - it religiously pays its taxes in our country (something not so common among large technology companies) and rare is the home in which there is no electronic device manufactured by them - what we know this brand is the tip of a huge iceberg.
In its native Korea
Samsung is much more than technology reaches our country
.
It is the largest conglomerate of companies in South Korea and has important divisions of finance, heavy industry, construction, biotechnology, fashion, tourism, private security,
think tanks
, health and sports.
A company that, although it was one of the largest in the country when the late Lee Kun-hee took over in 1987 (with revenues of 6.7 billion euros), was not the large multinational we know today with
revenues of 300,000 million
Under the leadership of Lee Kun-hee Samsung went from being a successful
chaebol
(the business conglomerates formed by families of the southern oligarchy to which the government gave facilities to become the economic engine of the country and thus move it as far as possible from its Communist neighbor to the north) to a large multinational company that
fights face to face with North American giants like Apple
and has more than
half a million employees
.
However, in the Korean imagination,
Samsung retains an elitist character
.
It is seen as an
aspirational
job destination
for middle-class families and as a focus that represents the country's talent and innovation.
A classism that, however, has also claimed its victims within the Samsung family clan.
The fortune should have been divided among the four sons of the leader.
However,
the youngest, Lee Jae-yong, hanged herself in a luxurious Manahattan apartment
after her father did not allow her to marry a middle-class compatriot with whom she was in love.
Lee Kun-hee's power in Korea was such that he
enjoyed a presidential pardon on two occasions
at the hands of two different leaders.
The first presidential pardon came
to
him
in the late 1990s
when Lee Kun-hee was sentenced to a two-year prison sentence (which was also suspended) for having
bribed a previous government
.
The second pardon came in the late 2000s
(after he was sentenced to a three-year prison sentence and a $ 100 million fine) for financial misconduct and tax evasion following a bribery-related corruption scandal. politicians.
In this case, in addition to the political connections of the president of Samsung, the presidential pardon was motivated by
the presence of Lee Kun-hee in the International Olympic Committee
, from which he successfully maneuvered for his country to host the
Winter Olympics of 2018
.
After spending more than six years incapacitated due to health problems,
his death does not seem to have alarmed the markets as has been feared for years
.
In fact, rumors that Lee Kun-hee had died a long time ago and that his death had been hidden from the public with the connivance of the authorities to avoid problems for the company and the country due to the payment of the
tax
were common in his country.
of succession with which the South Korean law taxes great fortunes
.
"It is with great sadness that we announce the passing of Kun-Hee Lee, President of Samsung Electronics. President Lee passed away on October 25 along with his family,
including Vice President Jay Y. Lee
. President Lee was a true visionary who knew transform a local company into a world-leading industrial powerhouse in innovation like Samsung. Its 1993 "New Management" declaration was the driving force behind the company's new vision of offering the best technology to help society. Samsung we honor his memory and we are grateful for the trip we shared with him. Our condolences to his family and friends. His legacy will be eternal, "said Samsung in an official statement after
his death in a Seoul hospital owned by the company
.
The vast majority of the companies that make up the conglomerate Samsung responded to the news of the death with
slight increases in the stock market
.
As Lee Kun-hee's story closes
, the succession page opens
.
A succession that opens up two scenarios: that Samsung ceases to be a family conglomerate or that the weight of the
baton passes to his son Lee Jae-yong (also known as Jay Y. Lee in the West), vice president of Samsung Electronics
.
A transfer of powers whose future will undoubtedly be marked by justice.
Lee Jae-yong: The heir harassed by justice
Lee Jae-yong (also known as Jay Y. Lee) is the oldest and richest of all the heirs.
He has a fortune of more than 7.400 million dollars and is
the fourth richest man in South Korea
.
He is Vice President of Samsung Electronics and is currently experiencing one of the hardest weeks of his life.
Upon the death of his father,
a legal proceeding against him for financial matters is added
.
On September 1, Lee
was formally charged with unfair business practices
, stock manipulation and an alleged fraud at the company's pharmaceutical division, Samsung Biologics.
The ongoing process
is not Lee Jae-yong's first fling with justice
.
In 2017, he was
sentenced to 5 years in prison
for a corruption case related to bribery in which a person close to the former president, Park Guen-hye, who is currently deprived of liberty, was implicated.
His arrest cast a devastating image for the company with the heir and vice president handcuffed and escorted by two police officers.
A snapshot that was partially censored in the South Korean media, as many of them chose to pixelate the shackles in the image.
However,
Lee Jae-yong only spent a year behind bars
.
In 2018, he was released and was one of those chosen to accompany President Moon on a business delegation that
visited North Korea
.
A few months ago, the main heir starred, on the advice of his lawyers, in a strange public appearance at the headquarters of Samsung.
He apologized for "
not strictly complying with the law and ethical standards
" in reference to the case for which he is being prosecuted and for another scandal that plagues executives of Samsung Electronics, who were convicted of sabotaging union activities.
While chanting the mea culpa,
Lee Jae-yong affirmed his intention not to hand over control of Samsung to his children
.
However, at no time did he hint that he himself would renounce his inheritance or business control.
Lee Yoon-hyung: suicide due to love sickness
Le Yoon-hyung's is probably
the most tragic story of the heirs to the Samsung empire
.
It is the smallest of this powerful dynasty.
Born in 1979, she
was a well-known socialite in her country
for posting aspects of her daily life on an Internet blog.
She studied French language and literature at a women's college in Seoul before heading to Manhattan for a
postgraduate degree at the prestigious New York University
while her father underwent treatment for lung cancer in the same city.
A fan of fast cars and extreme sports, the details that she published about her private life on the Internet were just a curtain with which she
hid a deep depression
.
In November
2005 she was found hanged in her exclusive apartment in Astor Place
(New York) with only 26 years of age.
A death that - due to social stigma and the power of his family - was counted as the result of a car accident.
However, thanks to the result of the investigative work of the reporters of The Korea Times it was discovered that
the case had actually been a suicide motivated by a bad love
.
Her father, the recently deceased Lee Kun-hee, had forbidden her to marry her former boyfriend: a middle-class compatriot.
Upon his death, Lee Yoon-hyung
left a net worth of more than $ 157 million
.
Lee Boo-jin: The Heir Empress
With a fortune of more than $ 1.8 billion,
Lee Boo-jin is ranked No. 16 on the Forbes list
of the richest people in South Korea.
She is currently the
owner of Hotel Shilla
, one of the main meeting and conference complexes in the South Korean capital and one of the main operators in the Duty Freen sector in her country.
Like his older brother, he has been a figure of interest to the police of his country.
His name was related to the scandal related to the use of the anesthetic propofol, which was given to him for 10 months by a cosmetic surgery cynic.
However, the investigation was closed a few months ago due to lack of evidence.
The media in her country refer to her as
"little Kun-hee
.
"
Lee Seo-hyun: "a narcissistic leader"
Rated "a narcissistic leader" by Vogue magazine and one of the most beautiful billionaires in the world according to THE OTHER CHRONICLE, she is ranked 17th among the richest people in South Korea according to the Forbes list.
It has
a net worth of 1.7 billion dollars
and its training has been strongly linked to the world of arts, design and fashion.
He is currently head of the Samsung Welfare Foundation (in charge of charitable initiatives) and sits on the board of the Samsung Museum of Art located in Seoul.
Previously he
served as president of Samsung's fashion division
(Samsung C&T) and
created two clothing brands
: Nonagon and Bean Pole.
Hong Ra-hee: the art collector widow
The widow of Lee Kun-Hee, the first lady of Samsung, Hong Ra-hee was born in 1945 in the town of Jeonju.
The daughter of a good family, she
attended university studies in the field of fine arts
and later founded the Samsung art museum with her husband.
A center that he created from scratch from private family collections and which he endowed with works of art with great firms such as
Jackson Pollock, Mark Rothko or Andy Warhol
.
He began his professional career in the world of the press working at JoongAng Ilbo
, a Korean newspaper founded by his father, who was haunted all his life by the label of "
collaborationist
" of the Japanese Empire during the military occupation that the peninsula suffered during the first middle of the 20th century.
According to the criteria of The Trust Project
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