The late Jae-gwan Lee, Vice Chairman of Saehan Group
Jaeyong Lee Samsung(63,800 -2.15%) The vice chairman’s cousin, Lee Jae-gwan (59), the former vice chairman of Saehan Group, passed away on the 11th.
According to the business community, the deceased’s mortuary will be prepared at Samsung Seoul Hospital in Gangnam-gu, Seoul, and the funeral schedule has not been set.
It is known that the deceased suffered from depression and weight loss after returning to Korea from Los Angeles (LA) in the United States last year. His specific cause of death is still unknown.
The deceased’s father is the late Chairman Lee Chang-hee, the founder of Saehan Group and the second son of the late Samsung Group founder Lee Byung-cheol. The late Chairman Lee founded Saehan Media after leaving the Samsung Group in 1967 and passed away in 1991.
After taking over the stake in Cheil Synthetic Fiber owned by Samsung Group, the deceased launched Saehan Group, a mid-sized group with 12 affiliates, in 1997. At that time, the deceased took office as vice president at the young age of 34. Focusing on chemical, multimedia, and construction material businesses, the group also actively promoted wireless calling service, broadcasting business, and video entertainment business.
However, in 1995, when the video tape and textile industries were on the brink of extinction, they suffered financial difficulties when they invested 1 trillion won in the film business. The debt, which stood at 717 billion won in 1995, soared to 1.723 trillion won at the end of 1998, when the film business facility investment was completed. In the wake of the 1997 Asian financial crisis, he eventually applied for a workout in May 2000.
Reporter Kang Kyung-joo, Hankyung.com [email protected]
ⓒ Hankyung.com, unauthorized reprinting and redistribution prohibited