Samsung Electronics has announced the death of its chairman, Lee Kun-hee. the corporate says he died on October 25th with family including his son, vice-chairman Lee Jae-yong, at his side. He was 78.
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A explanation for death wasn’t given, but Lee had been incapacitated for several years after suffering a attack in 2014, causing him to withdraw from public life. Lee Jae-yong, also referred to as Jay Y. Lee, had been widely assumed to require over upon his father’s passing and has been viewed because the de facto leader in recent years.
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Lee Kun-hee was a controversial figure who played an enormous part in pushing Samsung from an inexpensive TV and appliances maker to at least one of the foremost powerful technology brands within the world. He became the richest man in South Korea , with the Samsung group contributing around a fifth of the country’s GDP. In its statement, Samsung says that Lee’s declaration of “new management” in 1993 was “the motivating driver of the company’s vision to deliver the simplest technology to assist advance global society.”
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Lee also found himself in legal trouble. He was found guilty of bribing President Roh Tae-woo through a fund in 1995, and of evasion and embezzlement in 2008, but was formally pardoned for every conviction. The second pardon came in 2009 and was made “so that Lee could take back his place at the International Olympic Committee and form a far better situation for the 2018 Olympics to require place in Pyongchang,” South Korea’s justice minister said at the time.
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Lee’s passing will reignite inevitable speculation over the succession process. While Lee Jae-yong has long been groomed to become chairman, he’s had legal problems with his own since his father’s incapacitation, spending almost a year in jail for his role within the corruption scandal that brought down former South Korean president Park Geun-hye. South Korean law also means anyone assuming Lee’s assets will face paying several billion dollars in estate tax , which can force them to scale back their stake within the company.