Seoul : Lee Kun-hee, the charismatic leader of the Samsung Group, Korea’s largest conglomerate, died on Sunday, the company said. He was hospitalized for six years for a heart attack.
Mr. Lee, 78, helped grow his father’s noodle trading business into a huge powerhouse with assets worth about $375 billion through dozens of affiliates ranging from electronics and insurance to shipbuilding and construction.
“Lee Seung-yeop is a symbol of Korea’s remarkable rise and how Korea has embraced globalization,” said Seon-seop Jeong, CEO of corporate researcher Chaebul.com. His death will be remembered by many Koreans.”
He died as a recent second-generation leader in a large family-dominated company in Korea, leaving potentially difficult succession problems for the third generation.
Lee’s son, Jaeyong Lee, was caught up in legal issues related to the merger of the two Samsung affiliates, which helped Lee take more control of the group’s flagship Samsung Electronics.
Young Lee Myung-bak was imprisoned for his role in a bribery scandal that sparked the then impeachment of President Park Geun-hye. He faces a reconsideration of the case, and a separate trial has begun this week on charges of accounting fraud and stock manipulation.
According to Forbes, the death of South Korea’s wealthiest Lee, with a net worth of $20.9 billion, will spark investors’ interest in the group’s potential restructuring related to his stake in major Samsung companies such as Samsung Life and Samsung Electronics. Expected. Samsung Life is the largest shareholder of Samsung Electronics, the group’s gem, and Lee owns a 20.76% stake in the insurance company.
Lee Jae-yong died with his family, including Samsung Electronics Vice Chairman Lee Jae-i.
“Chairman Lee was a true visionary who transformed Samsung from a local company into the world’s best innovator and industrial powerhouse. Declaration of’New Management’ in 1993 became the driving force of the company’s vision to provide the best technology that helps the development of the global society. , “Samsung said in a statement.
During his lifetime, Samsung has grown from a secondary TV maker to the world’s largest technology company. Japanese brands Sony, Sharp Corp and Panasonic Corp were sent from chips, TVs and displays. Ending Nokia Oyj’s cell phone supremacy and overtaking Apple Inc in smartphones.
“His legacy will last forever,” said Samsung.
Chung Chae-bul, chairman of the dot com, said, “I will immediately pay attention to the fact that Lee owns about 5% of Samsung Electronics and how to distribute it to his family.”