- Lee’s aggressive bets on new businesses, especially semiconductors helped to grow the conglomerate
- According to Fair Trade Commission data and a Reuters calculation, Samsung Group affiliates’ 326.7 trillion won ($289.6 billion) in 2019 revenue was worth about 17 per cent of South Korea’s gross domestic product
As per a report by Reuters, Samsung Electronics chairman Lee Kun-hee has died after spending more than six years in hospital following a heart attack the company said. Lee, was 78, grew the Samsung Group into South Korea’s biggest conglomerate and became the country’s richest person. The company said that Lee died with his family by his side.
The report added that Samsung said that the funeral will be a small family affair. It did not say when or where the funeral would be. The report added that , according to Fair Trade Commission data and a Reuters calculation, Samsung Group affiliates’ 326.7 trillion won ($289.6 billion) in 2019 revenue was worth about 17 per cent of South Korea’s gross domestic product.
Legacy will be everlasting
The report said that Lee’s aggressive bets on new businesses, especially semiconductors helped to grow the conglomerate his father Lee Byung-chull built from a noodle trading business into a global powerhouse. Samsung said in a statement that Kun-hee’s legacy will be everlasting.
As per the report, the presidential office said South Korean President Moon Jae-in had plans to send condolence flowers to the funeral, and send chief of staff Noh Young-min and senior presidential secretary Lee Ho-seung to pay respects on his behalf. President Moon was quoted as saying to the Lee family, according to the presidential office that the leadership he showed will be a great example and courage for companies as they overcome the crisis and challenges ahead amid difficult times due to the coronavirus.
