Chairman Samsung Electronics Kun-hee dies aged 78

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Lee Kun-hee, Chairman Samsung Electronics is dead. He was aged 78, he died on Sunday, the company said.

Kun-hee transformed the South Korean firm into a global tech titan.

Under Lee’s leadership, Samsung rose to become the world’s largest producer of smartphones and memory chips, and the firm’s overall turnover today is equivalent to a fifth of South Korea’s GDP.

Samsung’s meteoric rise helped make Lee South Korea’s richest and most powerful industrialist.

It is with great sadness that we announce the passing of Kun-hee Lee, Chairman of Samsung Electronics,” the company said in a statement.

“Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side.

“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” the firm said, adding: “His legacy will be everlasting.”

Samsung is by far the biggest of the family-controlled conglomerates, or chaebols, that dominate business in South Korea.