Samsung chairman Lee Kun-hee dies at 78

Samsung chairman Lee Kun-hee dies at 78

Samsung chairman Lee Kun-hee dies at 78

Samsung Electronics has introduced the dying of its chairman, Lee Kun-hee. The corporate says he died on October twenty fifth with household together with his son, vice-chairman Lee Jae-yong, at his aspect. He was 78.

A reason for dying was not given, however Lee had been incapacitated for a few years after struggling a coronary heart assault in 2014, inflicting him to withdraw from public life. Lee Jae-yong, also referred to as Jay Y. Lee, had been extensively assumed to take over upon his father’s passing and has been considered because the de facto chief lately.

Lee Kun-hee was a controversial determine who performed an enormous half in pushing Samsung from an affordable TV and home equipment maker to one of the crucial highly effective expertise manufacturers on the earth. He grew to become the richest man in South Korea, with the Samsung group contributing round a fifth of the nation’s GDP. In its assertion, Samsung says that Lee’s declaration of “new administration” in 1993 was “the motivating driver of the corporate’s imaginative and prescient to ship the most effective expertise to assist advance world society.”

Lee additionally discovered himself in authorized bother. He was discovered responsible of bribing President Roh Tae-woo by way of a slush fund in 1995, and of tax evasion and embezzlement in 2008, however was formally pardoned for every conviction. The second pardon got here in 2009 and was made “in order that Lee might take again his place on the Worldwide Olympic Committee and kind a greater scenario for the 2018 Olympics to happen in Pyongchang,” South Korea’s justice minister stated on the time.

Lee’s passing will reignite inevitable hypothesis over the succession course of. Whereas Lee Jae-yong has lengthy been groomed to develop into chairman, he’s had authorized problems with his personal since his father’s incapacitation, spending nearly a yr in jail for his function within the corruption scandal that introduced down former South Korean president Park Geun-hye. South Korean regulation additionally signifies that anybody assuming Lee’s property will face paying a number of billion {dollars} in inheritance tax, which can drive them to scale back their stake within the firm.

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