Samsung heirs to pay billions, donate Picasso works to settle tax bill ...United Arab Emirates

Seoul: The heirs to South Korea's Samsung group announced their plans to pay more than $10 billion (Dh36.7 billion) in death duties Wednesday - one of the world's biggest ever inheritance tax settlements - including donating Picasso and Monet artworks. Lee Kun-hee, the late Samsung Electronics chairman, was the country's richest man when he died last October at age 78 after being hospitalised for years, leaving an estimated 22 trillion won ($19.6 billion) in assets. South Korea has stringent inheritance tax laws and high rates, resulting in a hefty bill for the family, including Samsung Electronics vice chairman Lee Jae-yong, who is currently in jail for bribery, embezzlement and other offe

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