South Korean businessman, Lee Kun-hee who have built Samsung Electronics into a global powerhouse in the smartphone, semiconductors and television business died on Sunday. After spending more than six years in the hospital he died followed by a heart attack, said the company.
Lee grew Samsung Group into the South Korea’s biggest conglomerate and was a charismatic leader. But, Lee and his empire have been vilified by the critics for wielding huge economic clout and for opaque governance and dubious transfers of his family wealth.
“Lee is such a symbolic figure in South Korea’s spectacular rise and how South Korea embraced globalisation, that his death will be remembered by so many Koreans,” said Chung Sun-sup, Chief Executive, Chaebul.com.
According to Forbes, Lee died with a net worth of $20.9 billion and is set to prompt investor interest in the potential restructuring of the group involving his own stake in the group’s companies including Samsung Life and Samsung Electronics.
Lee is the biggest shareholder of Samsung Electronics with a stake of 4.18 per cent and also owns 20.76 per cent in the insurance firm. His son, Jay Y. Lee has been embroiled in the legal troubles linking to the merger of two Samsung affiliates which resulted in increasing Lee’s control on the group’s flagship Samsung Electronics.