An heir of the late Samsung Group Chairman Lee Kun-hee is believed to have sold nearly 220 billion won ($186.7 million) worth of Samsung Life Insurance Co. shares in off-hour block trading on Tuesday for the share of heavy inheritance tax dues.

According to multiple sources from the investment bank industry on Thursday, KB Kookmin Bank on Tuesday arranged a sale of 3,459,940 Samsung Life Insurance shares amounting to 1.73 percent of outstanding shares in a block trade after market closed. The shares were sold at 62,500 won apiece, 4.5 percent higher than the day’s closing price, totaling 218.8 billion won. The block trade was jointly led by KB Securities and JP Morgan.

Industry insiders suspect the seller to be Samsung Welfare Foundation chief Lee Seo-hyun, the youngest daughter of late Samsung tycoon Lee Kun-hee, since she has a securities trust contract with KB Kookmin Bank earlier.

Under the agreement, the lender was given until Dec. 24 to unload Samsung Life Insurance shares entrusted by Seo-hyun..

The late chairman, who passed away in October last year, left about 26 trillion won, and his family – his wife and three offspring Samsung Electronics Vice Chairman Jay Y. Lee and Hotel Shilla president Lee Boo-jin, and Seo-hyun - are subject to 12 trillion won in inheritance tax.

Following the block sale, Lee’s ownership in Samsung Life Insurance would have gone down to 1.73 percent from 3.46 percent reported in its quarterly release last month.

Shares of Samsung Life Insurance were trading 0.3 percent lower at 65,600 won on Friday morning.

By Kang Woo-seok and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]