As an official announcement on the biggest wealth inheritance in modern Korean history draws near, all eyes are on how much of the late Samsung Group Chairman Lee Kun-hee’s assets would be given to his eldest son Lee Jae-yong, who has in effect already inherited the control of the mammoth business conglomerate.

According to industry sources on Tuesday, the bereaved family of the late tycoon is anticipated to announce this week, before an April 30 deadline, a final inheritance plan, including the largest-ever payment of inheritance tax that would nearly amount to 13 trillion won ($11.7 billion).

On Monday, the Lee family applied for the change of the largest shareholder of Samsung Life Insurance with the Financial Services Commission, the government watchdog confirmed.

But the application did not include details on who will take the largest shareholder position among the bereaved family members, including Lee’s wife Hong Ra-hee and three children.

The former chairman had been the largest shareholder of the life insurer, with a 20.76 percent share. He also owned 4.18 percent in Samsung Electronics.

Considering that Lee Jae-yong has been leading Samsung Electronics since 2014 on behalf of his bedridden father, it is highly likely that the eldest son would inherit a significant chunk of the late chairman’s stake in Samsung Life.

The Samsung Life shares have been a key tool for the family to control the business empire with a long list of subsidiaries across a wide spectrum of business fields.

The late Samsung chief controlled Samsung Electronics through his stake in the life insurer, which he had inherited from his father Lee Byung-chul. Samsung Life holds an 8.51 percent stake in the electronics unit.

Currently, the junior Lee controls the electronics unit by holding a 17.33 percent in Samsung C&T that has 19.3 percent in Samsung Life Insurance and 5 percent in Samsung Electronics. The vice chairman personally holds 0.06 percent in Samsung Life and 0.7 percent in Samsung Electronics.

If the vice chairman inherits all of his father’s stakes in the life insurer and the electronics business, the junior Lee’s grip over Samsung Electronics will be significantly cemented with equity holdings.

According to local research institute CXO, Lee would be the richest person in Korea, owing stocks whose total value is estimated to reach 30.4 trillion won.

However, some market watchers predict that the three children of the late Chairman Lee and his wife could divide the stocks in accordance with legal inheritance ratios in order to reduce their tax burdens.

Under the inheritance tax law, Lee’s wife Hong can take 33.33 percent of the stocks, while the three children can take 22.22 percent each.

“It seems like the family did not submit details of the new Samsung Life shareholder, considering the complex situations of Lee Jae-yong’s imprisonment and continuing trials on the leadership succession scheme,” said an industry insider.

By Song Su-hyun (song@heraldcorp.com)