It might come out as a surprise if you meet anyone who has not heard the name Samsung. The multinational company from Seoul, South Korea has created its dominance all over the world with its electronic products. From David Beckham to BTS, everyone endorses the brand. Unfortunately, tragic news hit the organization when their chairman Lee Kun-hee passed away. Since 2014, Lee was in a coma after he had a heart attack. In the 90s, he was diagnosed with lung cancer after which he was treated. However, again in 2005 the cancer was back leading his health to deteriorate. On Wednesday, his funeral was held at Suwon. A funeral car was arranged which drove by all the locations that he had a special place in his heart for.
Like the late Lee Kun-hee once said:
"Change everything except your wife and kids."#Bitcoin
— David Puell (@kenoshaking) October 27, 2020
Now, after his death, the question that comes on is who will be taking his position. He was married to Hong Ra-hee who is a billionaire. He has four children and all of them are quite successful. His eldest son Lee Jae-Yong is the Vice Chairman of Samsung group. Lee Boo-Jin is the President of Hotel Shilla and Lee Seo-hyun is also into similar business. His youngest daughter Lee Yoon-hyung passed away in 2005 after committing suicide. Currently, Lee is facing a legal lawsuit from his brother and sister regarding their shares in Samsung. In 2014, the case was dismissed.
Who is Lee Kun-hee?
Born on 9th January, 1942 Lee was the third son of Lee Byung-chul who is the founder of Samsung. The group originally used to sell fruits and fish but later pivoted to construction and trading. After his father’s death, he was appointed as the chairman. He then planned the company to compete with Sony Corporation on manufacturing televisions. Samsung grew up to be one of the great names in electronics. They started manufacturing phones and semiconductors which was quite a success. They started various business groups that provided service in engineering, IT, insurance, theme parks, C&T, and more. The brand was about 17% of South Korea’s GDP.
During his tenure, Lee was involved in several financial scandals. He was convicted for paying bribes to the President of his country regarding tax issues. He had connections with influential people which he used in illegal ways to get his money and Samsung survive. Lee also had to pay a fine of around $315 million and was convicted for 7 years in prison for corruption. Then, he was charged $98 million and his sentence was reduced to 4 years.
#globalbuzz The funeral for late Samsung Group chief, Lee Kun-hee, was held in Seoul on Wednesday as his grieving family, friends and colleagues commemorated his legacy and accomplishments as one of South Korea's most influential business tycoons – Yonhap News Agency pic.twitter.com/hxdIJGqc4z
— BERNAMA Radio🇲🇾 (@bernamaradio) October 28, 2020
In 2010, he returned as the chairman of Samsung and got his son to work with him so that he could succeed him. Lee is considered to be the mastermind who brought Samsung to this level building a whole empire from nothing. Not only his company did well but he also helped South Korea to rise in the global economy. Samsung is worth more than $300 billion and Lee was the richest man in the country since 2007. His estimated net worth at the time of his death was $21 billion. Now, the company will have to restructure the group and we expect his eldest son to take on his position leading Samsung.