Stock-secured loans used by Samsung’s Lee family due soon Loans provided to Hong Ra-hee and Lee Boo-jin will mature later this month

Translated by Kim So-in 공개 2022-01-24 08:08:57

이 기사는 2022년 01월 24일 08:05 더벨 유료페이지에 표출된 기사입니다.

Massive stock-secured loans received by Hong Ra-hee, wife of the late Samsung chairman Lee Kun-hee, and Lee’s eldest daughter, Lee Boo-jin, the Hotel Shilla CEO, to pay inheritance taxes will reach maturity soon.

Hong borrowed 1 trillion won ($838 million) from financial institutions in April 2021 by using her inherited shares in Samsung Electronics as collateral.

Half of the amount was borrowed from Woori Bank, Hana Bank, and Korea Securities Finance Corp, with maturities of more than one year. The remaining half was taken out from Meritz Securities, which will mature on January 24. The loan provided by Korea Securities Corp is due on April 29.

Lee Boo-jin borrowed 100 billion won from Hyundai Motor Securities in October 2021, providing her 2.532 million shares in Samsung Electronics as collateral. The loan is due January 24.

The short-term loans provided by Mertiz Securities and Hyundai Motor Securities had interest rates in a 4-5% range, higher than the interest rate for the loans provided to Hong by Woori Bank, Hana Bank, and Korea Securities Finance Corp, which was in the 2% range. Lee Boo-jin also took out loans worth 330 billion won against her shares in Samsung C&T in a 2% range.

Although the stock price of Samsung Electronics has declined, the loans are expected to be extended smoothly as lenders have enough room to extend maturities based on the high value of the collaterals, said industry sources.

Samsung’s Lee family needs to pay 12 trillion won inheritance taxes in six installments by 2026, with the first installment of the inheritance tax bill paid so far.

Hong signed a trust contract with KB Kookmin Bank in October 2021 to sell more than 19.9 million of her Samsung Electronics shares. Lee Boo-jin and Lee Seo-hyun, head of the Samsung Welfare Foundation, also signed a contract with the bank to sell more than 1.5 million shares each in Samsung SDS. (Reporting by Choong-hee Won)
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