Samsung Electronics chairman Lee Kun-hee died on the age of 78 on Sunday, the corporate mentioned.
Lee, who turned the South Korean agency into a world tech large, was left bedridden by a coronary heart assault in 2014.
“It’s with nice unhappiness that we announce the passing of Kun-hee Lee, Chairman of Samsung Electronics,” the corporate mentioned in a press release.
“Chairman Lee handed away on October 25 together with his household, together with Vice Chairman Jay Y. Lee, by his aspect.”
“Chairman Lee was a real visionary who remodeled Samsung into the world-leading innovator and industrial powerhouse from a neighborhood enterprise,” the agency mentioned, including: “His legacy will likely be eternal.”
Samsung is by far the largest of the family-controlled conglomerates, or chaebols, that dominate enterprise in South Korea, the world’s Twelfth-largest financial system.
The corporate’s total turnover is equal to a fifth of the nation’s gross home product, making it essential to South Korea’s financial well being.
His son, Samsung Electronics vice chairman Lee Jae-yong, has been on the helm of the corporate for the reason that 2014 coronary heart assault.
Lee was jailed for 5 years in 2017 after being discovered responsible of bribery and different offences linked to former president Park Geun-hye, earlier than being cleared of essentially the most critical expenses on enchantment and launched a 12 months later.
That case is presently being retried.
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)