Samsung chairman Lee Kun-hee passes away at 78

Samsung Electronic devices has in fact exposed the death of its chairman,Lee Kun-hee The business says he passed away on October 25 th with family including his son, vice-chairman Lee Jae-yong, at hisside He was 78.

A cause of death was not offered, nevertheless Lee had actually been incapacitated for several years after suffering a heart attack in 2014, triggering him to withdraw from public life. Lee Jae-yong, also described as Jay Y. Lee, had actually been frequently presumed to take control of upon his daddy’s death and has in fact been considered the de facto leader in current years.

Lee Kun-hee was a questionable figure who played a significant part in pressing Samsung from a low-cost TELEVISION and home home appliances maker to amongst the most powerful development brand names in the world. He ended up being the wealthiest male in South Korea, with the Samsung group contributing around a 5th of the nation’s GDP. In its declaration, Samsung states that Lee’s declaration of “new management” in 1993 was “the encouraging chauffeur of the business’s vision to deliver the very best innovation to assist advance international society.”

Lee also found himself in legalproblem He was found guilty of paying off President Roh Tae-woo through a slush fund in 1995, and of tax evasion and embezzlement in 2008, however was formally pardoned for each conviction. The second pardon came in 2009 and was made “so that Lee could take back his location at the International Olympic Committee and form a better circumstance for the 2018 Olympics to take place in Pyongchang,” South Korea’s justice minister mentioned at the time.

Lee’s passing will reignite inescapable speculation over the succession procedure. While Lee Jae-yong has in fact long been groomed to end up being chairman, he’s had legal issues of his own considered that his father’s incapacitation, investing almost a year in prison for his role in the corruption scandal that brought down previous South Korean president Park Geun-hye. South Korean law also shows that anyone presuming Lee’s assets will face paying many billion dollars in estate tax, which may need them to reduce their stake in the business.

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