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The Samsung group, the largest business conglomerate in South Korea, announced today the death of its president at the age of 78, Lee Kun-hee, the richest man in the country who had been admitted to a Seoul hospital since 2014 because of a heart attack that left him incapacitated.
Samsung said in a statement that Lee “passed away on October 25 accompanied by his family, including (group) vice president Jay Y. Lee“, known as Lee Jae-yong and who, as heir to the empire led by his father, has been at the helm of the conglomerate since his father was bedridden more than six years ago.
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Lee Kun-hee, third son of Samsung founder Lee Byung-chul, was the largest fortune in South Korea with a net calculated at more than 20,000 million dollars (about 16,860 million euros), according to Forbes, and he was the man who turned the conglomerate into a multinational entity with the technology giant Samsung Electronics at the helm.
Born in 1942 in Uiryeong County, South Gyeongsang Province, he assumed the presidency of the group in 1987 after the death of his father. From 1993 he decided to change the course of the business to internationalize it and made Samsung Electronics the world’s largest memory chip producer and one of the most recognized consumer electronics brands.
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It is calculated that by itself Samsung Electronics currently generates about 20% of South Korea’s gross domestic product (GDP).
After suffering a heart attack in May 2014, he was urgently admitted to the prestigious Samsung Medical Center, in the South of Seoul, where he remained until his death amid continuous speculation about his health.
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Following his passing it is expected that his son Lee Jae-yong becomes officially the president of the group and Samsung Electronics. Lee Jae-yong is currently facing two trials for alleged corrupt practices, including his role in the so-called South Korean “Rasputina” plot, which led to the 2017 ouster of then-South Korean President Park Geun-hye, sentenced to 32 years in prison. .
EFE
