Samsung Electronics has introduced the demise of its chairman, Lee Kun-hee. The corporate says he died on October 25th with household together with his son, vice-chairman Lee Jae-yong, at his aspect. He was 78.

A reason for demise was not given, however Lee had been incapacitated for a few years after struggling a coronary heart assault in 2014, inflicting him to withdraw from public life. Lee Jae-yong, also referred to as Jay Y. Lee, had been broadly assumed to take over upon his father’s passing and has been seen because the de facto chief lately.

Lee Kun-hee was a controversial determine who performed an enormous half in pushing Samsung from an affordable TV and home equipment maker to one of the vital highly effective know-how manufacturers on the earth. He turned the richest man in South Korea, with the Samsung group contributing round a fifth of the nation’s GDP. In its assertion, Samsung says that Lee’s declaration of “new administration” in 1993 was “the motivating driver of the corporate’s imaginative and prescient to ship the perfect know-how to assist advance world society.”

Lee additionally discovered himself in authorized hassle. He was discovered responsible of bribing President Roh Tae-woo by way of a slush fund in 1995, and of tax evasion and embezzlement in 2008, however was formally pardoned for every conviction. The second pardon got here in 2009 and was made “in order that Lee may take again his place on the Worldwide Olympic Committee and type a greater scenario for the 2018 Olympics to happen in Pyongchang,” South Korea’s justice minister mentioned on the time.

Lee’s passing will reignite inevitable hypothesis over the succession course of. Whereas Lee Jae-yong has lengthy been groomed to turn into chairman, he’s had authorized problems with his personal since his father’s incapacitation, spending virtually a 12 months in jail for his function within the corruption scandal that introduced down former South Korean president Park Geun-hye. South Korean regulation additionally implies that anybody assuming Lee’s belongings will face paying a number of billion {dollars} in inheritance tax, which can pressure them to cut back their stake within the firm.

By Yung Zeelee

Yung Zeelee, C.E.O/Founder Of TRENDJAMZ Inc & 47trends, Music Blogger/PR, Web Developer & Computer Engineer, bring you the Nigerian News, Music and All Informative Messages On This Medium. Connect With Me Via: IG/Twitter: @Iamyungzeelee Facebook: Yung ZEELEE MD Zillz Call/Whatsapp: +2348074130688

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