Samsung Electronics has introduced the loss of life of its chairman, Lee Kun-hee. The corporate says he died on October 25th with circle of relatives together with his son, vice-chairman Lee Jae-yong, at his aspect. He used to be 78.
A reason behind loss of life used to be now not given, however Lee were incapacitated for a few years after struggling a center assault in 2014, inflicting him to withdraw from public existence. Lee Jae-yong, sometimes called Jay Y. Lee, were extensively assumed to take over upon his father’s passing and has been seen because the de facto chief in recent times.
Lee Kun-hee used to be a arguable determine who performed an enormous phase in pushing Samsung from an affordable TV and home equipment maker to one of the most powerful technology brands in the world. He was the richest guy in South Korea, with the Samsung team contributing round a 5th of the rustic’s GDP. In its remark, Samsung says that Lee’s declaration of “new control” in 1993 used to be “the motivating driving force of the corporate’s imaginative and prescient to ship the most productive era to assist advance international society.”
Lee additionally discovered himself in prison bother. He used to be discovered accountable of bribing President Roh Tae-woo thru a slush fund in 1995, and of tax evasion and embezzlement in 2008, however used to be officially pardoned for every conviction. The 2nd pardon got here in 2009 and used to be made “in order that Lee may take again his position at the International Olympic Committee and shape a greater scenario for the 2018 Olympics to happen in Pyongchang,” South Korea’s justice minister stated at the time.
Lee’s passing will reignite inevitable hypothesis over the succession procedure. While Lee Jae-yong has lengthy been groomed to change into chairman, he’s had prison problems with his personal since his father’s incapacitation, spending nearly a 12 months in prison for his position within the corruption scandal that introduced down former South Korean president Park Geun-hye. South Korean regulation additionally approach that anybody assuming Lee’s belongings will face paying a number of billion bucks in inheritance tax, which might power them to scale back their stake within the corporate.