According to a document, Samsung Electronics shares worth $1.1 billion were sold in a block deal on Thursday, which some experts blamed on the Samsung conglomerate's ruling family seeking funds to pay a large tax obligation. According to a term sheet obtained by Reuters, Kookmin Bank sold 19.9 million Samsung shares for KRW 68,800 per share, a reduction of 2.4 percent from Wednesday's closing price of KRW 70,500.
The transaction elicited no response from Samsung Electronics. However, according to a Samsung Electronics document from October, the shares for sale matched the amount that Hong Ra-hee, mother of Samsung Electronics Vice Chairman Jay Y. Lee and widow of deceased Samsung patriarch Lee Kun-hee, promised to put in trust with Kookmin Bank.
According to the document, the trust agreement time was set to conclude on April 25. People with intimate knowledge of the subject previously told Reuters that since patriarch Lee died in 2020, Samsung's ruling family has...
