Chairman Samsung Lee Kun-Hee Passes Away

Samsung Group’s Chairman Lee Kun-Hee dies at the age of 78. The cause of his death remains unknown.

Chairman Lee Kun-Hee had been weakened for many years after he suffered a heart attack in 2014, which forced him to withdraw from public life. His son and vice-chairman of the company, Lee Jae-Yong, also known as Jay Y. Lee has been widely expected to take his father’s position even though he has been viewed as a de facto leader of the company all along.

As per the reports, the late chairman has played a major role in pushing Samsung from a cheap appliance maker to one of the biggest technology brands in the world. In doing so, he became one of the richest men in South Korea and contributed to a 5^th of the country’s GDP.

Previously Samsung in a statement said that Lee’s management in 1993 was the inspiring driver to the company’s vision of delivering the best technology in the world.

Though Lee has also been involved in controversy time and time again. Back in 1995, he was found guilty of bribing President Roh Tae-Woo through a slush fund, and in 2008 he was alleged of tax evasion and embezzlement. He was formally forgiven for each conviction.

Lee Kun-Hee’s son Lee Jae-Yong has also had his fair share of scandals. He spent nearly a whole year in jail following his father’s breakdown over a corruption case. Lee Jae-Yong’s appointment as the next chairman of the company will undoubtedly spark plenty of gossips.

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