Samsung family’s unusual $5.6 billion tax strategy back in the spotlight

Social Benefits

Lee, who admitted this was part of his inheritance, stepped down from the helm of Samsung in 2008 with a promise to convert those accounts into his own name and to find ways to spend the money that came to light for social benefits after settling his unpaid taxes.

‘The major reason for using accounts not in your own name is to avoid tax, especially inheritance tax,’ said Kim Nam-geun, vice chairman of a Seoul-based liberal legal association called Lawyers for a Democratic Society. ‘When the Samsung founder passed away, he left behind massive fortunes, along with huge tax burdens for his children.’

All of the false-name accounts belonging to Lee don’t appear to have undergone a change of holders, according to the report. And the newly discovered accounts had been maintained under names of the Samsung executives until 2011, according to police, who declined to comment on when they were

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