Page 29 - bon-dia-aruba-20201026

A29
world news Dialuna 26 OctOber 2020

Lee Kun-Hee, force behind Samsung’s rise, dies at 78

(AP) — Lee Kun-Hee, the Lee's family said the funeral
ailing Samsung Electron- would be private but did not
ics chairman who trans- immediately release details.
formed the small televi- Lee inherited control of the
sion maker into a global company from his father, and
giant of consumer elec- during his nearly 30 years of
tronics but whose leader- leadership, Samsung Elec-
ship was also marred by tronics Co. became a global
corruption convictions, brand and the world’s largest
died on Sunday. He was maker of smartphones, tele- ited with helping propel the terse leader who focused on Not all his moves succeeded.
78. visions and memory chips. country’s economy to one of big-picture strategies, leaving A notable failure was the
Samsung sells Galaxy phones
Lee died with his family while also making the screens the world’s largest from the details and daily management group’s expansion into the
to executives.
auto industry in the 1990s, in
rubbles of the 1950-53 Ko-
members by his side, includ- and microchips that power rean War. But their opaque part driven by Lee Kun-Hee’s
ing his only son and Samsung its major rivals — Apple’s ownership structure and His near-absolute author- passion for luxury cars. Sam-
Vice Chairman Lee Jae-yong, iPhones and Google Android often-corrupt ties with bu- ity allowed the company to sung later sold near-bankrupt
the company said in a state- phones. reaucrats and government make bold decisions in the Samsung Motor to Renault.
ment. officials have been viewed fast-changing technology in- The company also was fre-
Its businesses encompass as a hotbed of corruption in dustry, such as shelling out quently criticized for disre-
Samsung didn’t announce shipbuilding, life insurance, South Korea. billions to build new produc- specting labor rights. Cancer
the cause of death, but Lee construction, hotels, amuse- Lee Kun-Hee was convicted tion lines for memory chips cases among workers at its
had been hospitalized since ment parks and more. Sam- in 2008 for illegal share deal- and display panels even as the semiconductor factories were
May 2014 after suffering a sung Electronics alone ac- ings, tax evasion and bribery 2008 global financial crisis ignored for years.
heart attack and the younger counts for 20% of the mar- designed to pass his wealth unfolded. Those risky moves
Lee has been running Sam- ket capital on South Korea’s and corporate control to his fueled Samsung’s rise. Earlier this year, Lee Jae-yong
sung, South Korea's biggest main stock exchange. three children. In 1996, he declared that heredity trans-
company. was convicted of bribing Lee was born on Jan. 9, 1942, fers at Samsung would end,
Lee leaves behind immense
“All of us at Samsung will wealth, with Forbes estimat- a former president. But in in the southeastern city of promising the management
Daegu during Japan’s colo-
rights he inherited wouldn’t
both cases, he avoided jail af-
cherish his memory and are ing his fortune at $16 billion ter courts suspended his sen- nial rule of the Korean Penin- pass to his children. He also
grateful for the journey we as of January 2017. tences, at the time a common sula. His father, Lee Byung- said Samsung would stop
shared with him,” the Sam- practice that helped make chull, had founded an export suppressing employee at-
sung statement said. “His His death comes during a South Korean business ty- business there in 1938, and tempts to organize unions,
legacy will be everlasting.” complex time for Samsung. coons immune from prison following the Korean War, although labor activists ques-
South Korean President When he was hospitalized, despite their bribery convic- he rebuilt the company into tioned his sincerity.
Moon Jae-in sent senior Samsung’s once-lucrative tions. an electronics and home ap-
presidential officials to pass mobile business faced threats pliance manufacturer and the The 52-year-old Lee ex-
a condolence message to from upstart makers in Chi- Most recently, Samsung was country’s first major trading pressed remorse for caus-
Lee’s family at a mourning na and elsewhere. Pressure ensnared in an explosive company. ing public concern over the
site. In the message, Moon was high to innovate its tra- 2016-17 scandal that led to 2016-17 scandal, but did not
called the late tycoon “a sym- ditionally strong hardware South Korean President Park When Lee Kun-Hee inherit- admit to wrongdoing regard-
bol of South Korea’s busi- business, to reform a stifling Geun-hye’s ouster and im- ed control of Samsung from ing his alleged involvement.
ness world whose leadership hierarchical culture and to prisonment. his father in 1987, Samsung
would provide courage to our improve its corporate gover- was relying on Japanese tech- Lee Kun-Hee resigned as
companies” at a time of eco- nance and transparency. Lee Jae-yong was sentenced nology to produce TVs and chairman of Samsung Elec-
nomic difficulties caused by to five years in prison in 2017 was taking its first steps to- tronics before the 2008 con-
the coronavirus pandemic, Like other family-run con- for offering 8.6 billion won ward exporting microwaves viction. But he received a
Moon’s office said. glomerates in South Korea, ($7 million) in bribes to Park and refrigerators. presidential pardon in 2009
Samsung has been cred- and one of her confidants to and returned to Samsung’s
help secure the government’s A decisive moment came in management in 2010.
backing for his attempt to 1993 when Lee Kun-Hee
solidify control over Sam- made sweeping changes to “As South Korea’s most suc-
sung. He was freed in early Samsung after a two-month cessful entrepreneur, (Lee
2018 after an appellate court trip abroad convinced him Kun-Hee) received a daz-
reduced his term and sus- that the company needed zling spotlight, but he had
pended the sentence. But last to improve the quality of its many vicissitudes full of
month, prosecutors indicted products. grace and disgrace,” the rul-
him again on similar charges, ing Democratic Party said in
setting up yet another pro- In a speech to Samsung ex- a statement. “We hope a ‘new
tracted legal battle. ecutives, he famously urged, Samsung’ will be realized at
“Let’s change everything ex- an early date as Vice Chair-
Lee Kun-Hee was a stern, cept our wives and children.” man Lee Jae-yong promised.”