Late Samsung chief's family to pay record inheritance tax

The family of deceased Samsung Electronics chairman Lee Kun-hee said on Wednesday they will pay more than 12 trillion won ($10.7 billion) in inheritance taxes for his estate and donate his vast private art collection to state curators.

Lee Kun-hee's heirs are his wife, son, and two daughters.

Lee, who is credited with transforming Samsung into the world's largest smartphone and memory chip maker, died on October 25 with an estate valued at around 26 trillion won (approximately $22.5 billion).