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Samsung Chairman Lee dies

Lee Kun-hee, chairman of the South Korean electronics company Samsung Electronics, died at the age of 78.

Lee Kun-hee’s son and de facto director of Samsung Lee Jae-yong told reporters. He said that his father, who has been treated since 2014 for his illness, passed away today.

Lee, who entered the country’s tech giant Samsung in 1968 and took over the chairmanship of the board from his father Lee Byung-chul in 1987. Enabled the company to become one of the world’s most successful electronics companies.

The company named Fortune magazine’s list of the World’s 100 Largest Companies in 2007 under Lee’s direction.

In 2008, Lee, who came to the agenda with the allegation that he “paid from the bribe fund” to prosecutors, judges and politicians in order to avoid paying taxes. In the investigation, he confessed that he established a “bribery fund” and left his job in the company.

Tried by the Seoul District Court in July that same year, Lee admitted charges of financial irregularity and tax evasion. Lee was sentenced to 3 years in prison and a $ 98 million fine.

Lee acquitted in December 2009 after South Korean President Lee Myung-bak issued a special amnesty.

Written by Maraaz

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