Seoul, October 25: Chairman of Samsung Electronics Co. Lee Kun-hee has died at the age of 78, the company announced in a statement. "Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side. Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business," Samsung said in a statement, as quoted by the South Korean Yonhap news agency on Sunday. Also Read | Second VVIP Aircraft Air India One That Will Be Used for President, Vice President & PM Arrives at Delhi Airport From US: Live Breaking News Headlines And Coronavirus Updates on October 25, 2020.

According to Yonhap, Lee Kun-hee died at a hospital in Seoul on Sunday after being hospitalized for years following a heart attack in 2014. Lee is survived by his wife, Hong Ra-hee, two daughters and only son, Jae-yong, who has been at the helm of Samsung Electronics since his father's 2014 heart attack. Also Read | 'President Donald Trump Called India Filthy, It's Not How You Talk About Friends', Says Joe Biden.

The company is crucial to the economic well-being of South Korea, as its overall turnover is equivalent to a fifth of the country's GDP. (ANI/Sputnik)

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