Samsung Chairman Lee Kun Hee passes away !
Good Bye Lee..Through Samsung you changed our lives!
Chairman Lee Kun Hee, 78, who led the Samsung Group for the past three decades and rose to become a world-class company,passes away. Lee Kan Hee, who survived lung cancer lived in his own company hospital from May 2014 until his death following a heart attack.
Lee Byung Chool, Lee Kun Hee’s father, founded Samsung in 1938 in Daegu, South Korea, to trade and export dried fish and noodles. Born in 1942, Lee Kan Hee became chairman of Samsung in 1987 after the death of his father. During his father’s time, the company expanded its business to include construction, electronics, telecommunications, sugar, and luxury hotels. The famous Petronas Tower in Malaysia and the Burj Khalifa Tower in the UAE have all been completed by Samsung’s construction team. Today, Samsung has a presence in ship building, life insurance and aircraft engine manufacturing. During his tenure, Lee Hsien Loong emphasized the field of electronics.
By 1992, Samsung had become the largest memory chip maker in the world. Samsung, the world’s largest maker of televisions and smartphones today, makes screens and microchips for Apple’s iPhone. With the introduction of the free software ‘Android’ sponsored by Google on the Samsung Galaxy series mobile phone in 2009, the Samsung phone has become really smart, overtaking the Nokia phone that had been leading the market till then. Samsung today has a market capitalization of approximately US $ 300 billion. Of that, Lee Kun Hee’s stake is worth about $ 20 billion (Rs. 147,000 crore). The property is owned by a family consisting of his wife, son and two daughters. But under South Korean law, if more than $ 3 billion worth of property is to be made available to heirs, about 60 percent of the tax must be paid to the government, about 90,000 crores!
The outside world has not seen Lee Kun Hee since his heart attack in 2014. There were rumors that he had died too early and that the company had not disclosed the information to the outside world as he had to pay a huge amount of tax to transfer the property. Earlier, it was reported that the company would have to sell its holdings in the stock market to raise tax money, which could lead to a collapse in the stock market and the South Korean economy. Samsung contributes about 20 percent of South Korea’s GDP. Lee Hsien Loong resigned as chairman of the company in 2008 after being convicted of tax evasion. He was later pardoned by the South Korean president and pardoned and reinstated in 2010.
His only son, Jay Wee Lee, was jailed in 2017 for tax evasion and stock fraud. But the appellate court acquitted him. Jay Lee is also being investigated in a corruption case involving Park, the president of South Korea from 2013-17 but also the first woman president of South Korea to be sentenced to 25 years in prison. Ironically, despite these setbacks, Samsung and its products are becoming smarter than each other. Lee’s journey to another world without phones, evoking in us the thought that there would be no black spot in the corruption story that blurs the list of achievements. Farewell to you dear Lee Kun Hee, with gratitude for the services rendered by you for raising the standard of living of the entire human race!
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