Lee Kun-hee, president of Samsung and South Korea’s richest man, dies

The tycoon had been hospitalized since 2014, when he suffered a heart attack from which he could not recover. Photo: AFP

Seoul, South Korea

Lee Kun-hee, President of Samsung Group and whoever the richest man in South Korea, He passed away in a Seoul hospital at the age of 78.

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The tycoon had been hospitalized since 2014, when he suffered a heart attack from which he could not recover.

Samsung Group, which is the largest business conglomerate in South Korea, announced the passing of Lee Kun-hee, through a statement.

The company explained that the businessman was accompanied by his family, including the Company Vice President Jay Y. Lee, who has been in charge of the conglomerate since Lee Kun-hee became bedridden.

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“It is with great sadness that we announce the passing of Kun-hee Lee, President of Samsung Electronics… he was the true visionary who transformed Samsung into a world leading innovator and an industrial powerhouse of a local business,” the document highlighted.

For nearly 30 years, Lee Kun-hee led Samsung Electronics, which became a global firm and the largest manufacturer of televisions, telephones and memory chips.

The global business volume of the multinational is one fifth of the Gross Domestic Product of South Korea, which makes it a fundamental asset of the economic health of the Asian country.

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