Samsung Chairman Lee Kun-Hee dies at 78

Samsung Electronics Chairman, Lee Kun-Hee died in a hospital on Sunday. Lee transformed Samsung into a global giant of consumer electronics.

In a declaration, Samsung stated Lee, who was 78, died on Sunday with his family members, including his son and de facto company chief Lee Jae-Yong, by his side.

Lee Kun-Hee had been undergoing treatment and was hospitalised since May 2014 after experiencing a heart attack and the younger Lee has run Samsung, the largest company in South Korea.

“All of us at Samsung will honour his vision and are thankful for the journey we experienced with him,” the Samsung announcement declared.

“Chairman Lee was a true visionary who changed Samsung into the world-leading innovator and technical powerhouse from a local business,” it declared, continuing: “His legacy will be eternal.”

During Lee’s existence, Samsung Electronics formed from a second-tier TV maker to the world’s largest technology firm by revenue – staring off Japanese brands Sony, Sharp Corp and Panasonic Corp in flakes, TVs and displays; stopping Nokia Oyj’s handset power and striking Apple Inc in smartphones.

Along the way, Lee was sentenced and twice acquitted for crimes, including bribing a president.

Samsung supported in making South Korea’s economy, which stands as Asia’s fourth-largest.

Its businesses include shipbuilding, life insurance, architecture, hotels, amusement park administration and more. Samsung Electronics solely estimates for 20 percent of the business capital on South Korea’s chief stock market.

Lee leaves behind enormous wealth, with Forbes predicting his fortune at $16bn as of January 2017.

South Koreans are both pleased of Samsung’s international triumph and concerned the company and Lee family are beyond the law and magnetism over nearly every corner of society.

In 1996, Lee was given a suspended penalty of two years in prison for corporate donations to former President Roh Tae-woo.

He was later released and more than a decade later, in 2008, he was sentenced for unlawful share dealings, tax avoidance and bribery intended to transfer his capital and corporate control to his three children.

He underwent a presidential discharge in 2009 and turned to Samsung’s management in 2010.

Samsung was also captured in the 2016-17 corruption scandal that led to then-President Park Geun-Hye's impeachment and capturing.

Its officials, including the younger Lee, were probed by prosecutors who concluded Samsung executives bribed Park to ensure the government’s support for a smooth leadership change from father to son.