October 26th, a comprehensive report, South Korean President Moon Jae-in expressed condolences on the death of Samsung Group Chairman Lee Kin-hee on the 25th, and said that his leadership skills will become a role model for Korean companies.
At the same time, Lee Jae-yong is believed to succeed his father as the new chairman of the Samsung Group. However, due to his lawsuits, it is uncertain whether the leadership of Samsung Group can be successfully transferred.
Moon Jae-in expresses condolences
Said Li Jianxi’s leadership ability will become a corporate role model
On the 25th local time, Moon Jae-in expressed condolences for the death of Li Jianxi and expressed deep condolences to his survivors.
On the same day, Moon Jae-in dispatched Presidential Chief of Staff Lu Yingmin and Economic Secretary Li Haosheng to the Li Jianxi Hall of condolence and conveyed the above information.
Moon Jae-in said that Lee Kin-hee had the courage to challenge and exerted outstanding leadership skills to develop the semiconductor industry into the main force of the Korean industry. Samsung, as the largest conglomerate in South Korea, played an exemplary and leading role in the country’s economic development.
Moon Jae-in also said that during the economic difficult period of the epidemic, Lee Jianxi’s leadership will become a role model for South Korean companies and wish the dead rest in peace.
Li Jiangxi Death
Li Jianxi was born in 1942, and his father Li Bingzhe is the founder of Samsung Group. After Li Bingzhe passed away in 1987, Li Jianxi became the second-generation chairman of Samsung Group, leading the development of the group.
Chairman Lee Kin Hee’s wife Hong Na Hee is the director of Leeum Art Museum, his son Lee Jae-yong is the vice chairman of Samsung Electronics, and his daughter Lee Fu-jin is the president of The Shilla Hotel.
On May 10, 2014, after a sudden acute myocardial infarction in his home, Lee Kin-hee was transferred to the nearby Sooncheon Hyang University Seoul Hospital. After receiving cardiopulmonary resuscitation, he was transferred to Samsung Seoul Hospital. The next day, he underwent a heart stent surgery to widen the blocked cardiovascular system.
According to reports, after Li Jianxi received treatment in the intensive care unit, his cardiopulmonary function recovered, and he was subsequently transferred to the general ward for long-term rehabilitation, but he remained ill in bed for 6 years and 5 months after his hospitalization. On October 25, 2020, he died at Samsung Seoul Hospital.
According to the wishes of the deceased and survivors, the Samsung Group will hold a funeral in the form of a family funeral.
Lawsuit
Can the successor successfully take over?
According to the British Broadcasting Corporation (BBC), Li Jianxi has 4 children, but only one son, Li Jayong. It is expected that Lee Jae-yong will inherit his father’s position in Samsung Group.
However, Lee Jae-yong was previously investigated for being involved in the corruption case of former South Korean President Park Geun-hye in 2016; the following year, he was prosecuted by South Korean prosecutors for bribery and embezzlement of public funds.
Later, he was convicted and imprisoned for five years, but he later appealed and the case was finally sent back for retrial. It is still being processed.
According to reports, South Korean prosecutors also accused him of deliberately manipulating stock prices when handling the merger of two of his Samsung Group’s subsidiaries, in order to increase his control of Samsung Group.
Such cases usually take 18 months to be concluded, and if either party appeals to the Supreme Court of South Korea, it may take two years.
Foreign media described Li Zaiyong’s legal proceedings as a cause of concern to the outside world about whether he can successfully take over his father’s company.
In addition, due to the Samsung Group’s inheritance issues and the government’s ongoing regulatory revisions, Samsung’s internal structure may also change. This South Korean giant will face huge challenges during the transition period.
