이 기사는 2021년 04월 29일 08시00분 thebell에 표출된 기사입니다

Doubts are mounting over the existence of late Samsung Group chairman Lee Kun-hee’s will, after the Lee family decided to at least temporarily share the late chairman’s stake in Samsung Life Insurance.

A document filed with financial authorities on Monday said that Lee’s widow, Hong Ra-hee, and three children – Jae-yong, Boo-jin and Seo-hyun – would share Lee’s stake in Samsung Life Insurance without distributing the shares to each.

The late chairman held the largest stake of 20.76% in Samsung Life Insurance, which is considered a key affiliate of Samsung Group in its complex web of cross-shareholdings.

Lee’s death in October last year sparked speculation about whether he left a will that dictates how his assets, including tens of trillions of won worth of shares in major affiliates under Samsung’s umbrella, will be distributed. Samsung has never commented on the existence of his will, either formally or informally.

Previously, Samsung founder Lee Byung-chul, who was the father of Lee Kun-hee, did not left a will. But when he was alive, he reportedly told his top lieutenants and members of his family that Lee would be his successor.

Some observers speculate that, unlike his father, Lee could have left a will because he had experienced an ugly legal battle with his brother over control of Samsung after his father’s death, and had also witnessed similar disputes between members of families that own other major South Korean conglomerates.

However, Monday’s document indicates that Lee might have left no will or, even if his will exists, it might have no details about distribution of his shareholdings, industry watchers said.

The Lee family will likely file a revised application with financial authorities after they come to an agreement on distribution of the 20.76% stake between them.

Hong is entitled to inherit half of the stake under the inheritance tax law, but this seems unlikely because of heavy tax burdens. Distributing the stake equally to Lee’s three children or giving the largest portion to Lee Jae-yong, Samsung Electronics vice chairman, is most likely, industry watchers said. (Reporting by Choong-hee Won)