Chaebol families pay tribute to late Samsung Group founder

By Kim Hyun-bin

A memorial service was held Friday marking the 35th anniversary of late Chairman and Samsung Group founder Lee Byung-chul's death. The owner families of Samsung and CJ groups gathered in Yongin, Gyeonggi Province to remember the late founder.

According to Samsung, Chairman Lee Jae-yong, former Leeum Samsung Museum of Art Director Hong Ra-hee, Hotel Shilla President Lee Boo-jin, Samsung Welfare Foundation Chairman Lee Seo-hyun, and Samsung Global Research President Kim Jae-youl paid tribute to the late founder.

CJ Chairman Lee Jay-hyun, the eldest grandson of the late founder, arrived at the memorial first.

Since 2012, Samsung and CJ have been holding memorial ceremonies separately at different times, as the late CJ Chairman Lee Maeng-hee and former Samsung Chairman Lee Kun-hee were involved in dispute over inheritance. But this year, the families held the memorial service together.

The CJ Group family, who arrived first, stayed with the Samsung family for a while.

As it was the first memorial service since Chairman Lee Jae-yong's inauguration, there was speculation that a message regarding management may be announced, but no special address was made.

The CEOs of other conglomerates such as CJ, Shinsegae, and Hansol Group also paid tribute.

Lee Byung-chul, the founding chairman, was born in Uiryeong, South Gyeongsang Province in 1910 and founded Samsung Sanghoe on March 1, 1938. He started the business by exporting fruit and dried fish to China and Manchuria and established Samsung C&T Corp. in 1948 to expand its trading business.

In 1953, he founded Cheil Jedang and started the sugar business, and is remembered for his significant contributions to the development of the Korean economy by founding Cheil Industries (1954), Samsung Electronics (1969), and Samsung Heavy Industries (1974).

Lee is well known for his management philosophy and patriotism.