During his lifetime, Samsung Electronics also became one of the world's biggest tech firms. He was the richest person in South Korea, according to Forbes, with a net worth of nearly $21bn (£16bn). Samsung said Mr Lee died on Sunday with family by his side, but did not state the exact cause of death. A heart attack in 2014 had left him living in care. "All of us at Samsung will cherish his memory and are grateful for the journey we shared with him," the firm said in a statement.
I don't know how many people care about this story, but I am FASCINATED by it so I'm blogging it. Probably a top 5 episode/subject matter for me in the history of Tin Foil Tuesday on Dogwalk. I highly recommend that you listen to that episode, we always need those clicks/plays/downloads, but here is the abridged addition:
Samsung is transformed by this guy Lee Kun-hee into this MASSIVE global brand and economic power. He becomes one of the richest people in the world. In 2014 he has a heart attack and fucking drops dead BUT...his son and the Samsung shareholders pretend that he is still alive in a Weekend At Bernie's type situation. They have him under 24 hour guard on the top floor of a hospital that Samsung owns. Private elevator up his floor. NOBODY had seen him for years. Why make up this whole story that he was still alive? A "wealth tax" that exists in South Korea. His son was set to inherit like 7-10 billion dollars worth of stock in Samsung, but in South Korea it's the wealth that is taxed not necessarily the income. So if you're worth $10B but it's in stock, it doesn't matter, you still have to pay the tax in cold hard cash. So he would have to liquidate his holdings to cover the tax, but putting that much stock into the market and the official instability that comes from an ownership change, would cause the stock to plummet to the point that the son would end up with virtually nothing. So what did he do instead...just pretend that his dad was still alive for 7 fucking years while he moved this around and tried to avoid arrest and various charges by the South Korean federal government. Crazy fucking story. Can't wait to get the real story on how this all went down. Why now? Why tell the world that he is dead in OCT 2020 after all this time? Need to know.
We will likely do another Dogwalk ep on this if the details come out. We've done one update already which you can find here.