SAMSUNG'S LEE KUN-HEE DIES AT 78

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Samsung chair Lee Kun-hee died early Sunday morning at age 78. He has been hospitalized ever since he suffered a heart attack in 2014. His memorial altar has been set up at Samsung Medical Center and his funeral will be a simple family affair as per his wish.

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Samsung Electronics chairman Lee Kun-hee has been bedridden for more than six years. Unable to recover, he passed away early morning on October 25th. He was 78. 33 of those years were spent leading the conglomerate. Samsung Electronics said in a statement to executives that Chairman Lee passed away with his son, Samsung Vice Chair Lee Jae-yong, and other family members by his side. The elder Lee has been under intensive care after suffering a heart attack in his home in May 2014. He reportedly has been breathing on his own and was receiving rehab therapies. Born in 1942, he was the youngest son of Samsung founder Lee Byung-chul. He took over the chairmanship of Samsung Group after his father died in 1987.

[Soundbite] SHIN HYUN-HWAK(FORMER SAMSUNG C&T CHAIR (1987)) : "Chairman Lee Byung-chul had made the decision a long time ago and announced the appointment of Lee Kun-hee as his heir."

The late tycoon's memorial altar has been set up at Seoul Medical Center. His only son, Lee Jae-yong, arrived at the hospital with his children at around 5 PM, Sunday to greet visitors. President Moon Jae-in sent his condolences through his Chief of Staff, Noh Young-min. The president said Lee Kun-hee is the symbol of the Korean business world... and that his leadership will inspire and embolden Korean enterprises during this difficult time. Lee's funeral will be a four-day family event as requested by the late chairman and his family. He will likely be buried on October 28th in the family burial ground inside Everland in Yongin.