R.I.P Lee Jianxi Samsung Group Chairman DEAD
Seoul, October 25th (Reporter Geng Xuepeng and Lu Rui) Lee Kin-hee, chairman of Samsung Group of South Korea, passed away on the 25th at the age of 78. Li Jianxi is regarded as the creator of Samsung’s rise. The corporate development legacy he left for Samsung and the issue of inheritance after his death have instantly become the focus of attention of all parties.
Li Jianxi was admitted to the hospital for acute myocardial infarction in 2014, and has been hospitalized for treatment since then, and died on the 25th due to deterioration of his condition. The Samsung Group issued a statement saying that when Li Jianxi died, his family accompanied him and that “the legacy he left will be eternal.”
The statement said that Lee Kin-hee is visionary and has developed Samsung from a local company to a world-leading innovator and industry giant.
According to South Korean media reports, Li Jianxi was born in 1942 and inherited his father’s business in 1987 and took the charge of Samsung. Under the management of Li Jianxi, Samsung has grown from a small-scale trading company to a world-renowned technology company. The business of the group’s companies involves mobile phones, chips, electrical appliances, biology and insurance. Samsung Group has become an important Korean company, and its exports account for more than 20% of the country’s total exports.
Li Jianxi’s life is also accompanied by many controversies. He was involved in many cases of power-to-money trading, stock manipulation, and was sentenced to three years in prison, suspended for five years, and was pardoned by then-President Lee Myung-bo.
After Li Jianxi’s death, Samsung Group’s business succession and future development have received widespread attention. His only son, Lee Jae-yong, the current vice chairman of Samsung Electronics, is regarded as a popular successor to Samsung Group.
Li Jianxi’s huge personal inheritance has also become the focus of attention. According to reports, the total market value of the shares of Samsung Group companies under Li Jianxi’s name exceeds 18 trillion won (approximately US$16 billion), and the inheritance tax involved may reach 10 trillion won.
South Korean media predicts that due to the Samsung Group’s inheritance issues and the government’s ongoing regulatory revisions, Samsung’s internal structure may also undergo changes. This South Korean giant will face huge challenges during the transition period.