Jae-gwan Lee, former vice chairman of Saehan Group. [중앙포토]
Lee Jae-gwan (59), former vice chairman of Saehan Group, passed away on the 11th.
According to the business community, the deceased’s mortuary will be prepared at Samsung Seoul Hospital in Gangnam-gu, Seoul, and the funeral schedule has not been set.
Vice Chairman Lee’s father is the late Chairman Lee Chang-hee, the founder of Saehan Group and the second son of the late Samsung Group founder Lee Byung-cheol. The late Chairman Lee left the Samsung Group in 1967 and founded Saehan Media, and passed away in 1991.
The deceased took over the stake in Cheil Synthetic Fiber owned by Samsung Group, separated from Samsung Group in 1995 and officially launched Saehan Group, a mid-sized group in the top 20 in the business world with 12 affiliates in 1997.
However, the financial crisis of the International Monetary Fund (IMF) coincided with the investment of 1 trillion won in the video tape and fiber-related film business, which was on the verge of extinction.
Reporters Hong Soo-min and Choi Eun-kyung sumin@joongang.co.kr
