Samsung group chairman Lee Kun-hee has died
reuters.com
Samsung group chairman Lee Kun-hee has died
1–10 of 67 posts
Re: Samsung group chairman Lee Kun-hee has died
#2Does anyone have any more info? The article only says that he died, and then nothing else. It’s two sentences long.
Whoever he was, he at least deserves a summary of his achievements.
Re: Samsung group chairman Lee Kun-hee has died
#3Re: Samsung group chairman Lee Kun-hee has died
#4Does anyone have any more info? The article only says that he died, and then nothing else. It’s two sentences long. Whoever he was, he at least deserves a summary of his achievements.
"Lee passed away on Sunday with his family by his side, the company said in a statement, without mentioning the cause of death. He had surgery in 2014 after a heart attack and was treated for lung cancer in the late 1990s."
Bloomberg - https://www.bloomberg.com/news/articles/2020-10-25/samsung-e...
Re: Samsung group chairman Lee Kun-hee has died
#5Does anyone have any more info? The article only says that he died, and then nothing else. It’s two sentences long. Whoever he was, he at least deserves a summary of his achievements.
"Lee passed away on Sunday with his family by his side, the company said in a statement, without mentioning the cause of death. He had surgery in 2014 after a heart attack and was treated for lung cancer in the late 1990s." Bloomberg - https://www.bloomberg.com/news/articles/2020-10-25/samsung-e...
"Lee, who told employees to “change everything except your wife and children” during his drive to foster innovation and challenge rivals such as Sony Corp., was South Korea’s richest person. He had an estimated net worth of $20.7 billion, according to the Bloomberg Billionaires Index. Samsung, the biggest of South Korea’s family-run industrial groups, known as chaebol, has been led by his only son since the heart attack.
“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” the company said. “His legacy will be everlasting.”
Named one of the world’s 100 most influential people by Time magazine in 2005, Lee began overhauling Samsung Electronics after he saw the company’s products gathering dust in a Los Angeles electronics store, according to “The Lee Kun Hee Story,” a 2010 biography by Lee Kyung-sik. The Suwon, South Korea-based company had become known for cheap, low-quality electronics gear and was in the “second phase of cancer,” sending out 6,000 people to fix products made by 30,000 employees, Lee said in 1993, according to the biography."
Re: Samsung group chairman Lee Kun-hee has died
#6This reminds me of this tweet:
Re: Samsung group chairman Lee Kun-hee has died
#7Accordingly to my Korean colleagues, he has been in a coma since 2014 and has been just the chairman in name. There are no pictures of him after 2014.
Re: Samsung group chairman Lee Kun-hee has died
#8This reminds me of this tweet: https://twitter.com/oniontaker/status/1214540491577942017
Wow - "Enter Korean tax code. Korea has 50% inheritance tax on assets above $2.5m. When Lee Gunhee dies, his family will owe the government $7b. The family will have to sell personal stakes of Samsung-controlled assets, weakening the strong, complex investment structure they built."
That's pretty impactful in terms of potentially forcing the family to sell off control, isn't it?
Re: Samsung group chairman Lee Kun-hee has died
#9What a brutal way to go. It has been widely speculated that he has been in a vegetative state since 2014, kept on life support to give the company time to restructure its assets and consolidate power under Lee Kun-Hee's son, Lee Jae-yong, so that their family's power persists even in the wake of paying South Korea's enormous wealth taxes.
Samsung undoubtedly played a key role in South Korea's economic ascendance, but Lee Kun-Hee will leave behind a complicated legacy of industrialization mixed with corruption and hyper-crony capitalism.
Re: Samsung group chairman Lee Kun-hee has died
#10This reminds me of this tweet: https://twitter.com/oniontaker/status/1214540491577942017
Wow - "Enter Korean tax code. Korea has 50% inheritance tax on assets above $2.5m. When Lee Gunhee dies, his family will owe the government $7b. The family will have to sell personal stakes of Samsung-controlled assets, weakening the strong, complex investment structure they built." That's pretty impactful in terms of potentially forcing the family to sell off control, isn't it?
What happens if they aren't able to sell off the assets at a high enough price to pay the inheritance tax? Does the amount owed scale with how much the assets are actually able to fetch in a mass sell-off like this?