The ailing Samsung chairman passed away at 78 on Sunday, with his family members by his side.
He is credited to transform the Samsung company into the world’s largest manufactures of Smartphones, televisions, computers, and home appliances.
According to Forbes, he was the richest person in South Korea with a net worth of approximately $21 billion dollars.
During his time, Samsung became the biggest tech firms in the world, competing with companies like apple.
“All of us at Samsung will cherish his memory and are grateful for the journey we shared with him,” Samsung said in a statement.
He was the third son of Samsung’s founder, Lee Byung-chul, who took the office after his father passed away in 1987.
He was convicted twice and pardoned twice for white-collar crimes, the New York Times reported, he was convicted of bribing South Korea’s Former President in 2016 but was pardoned.
He reportedly had suffered a heart attack in may 2014 and was hospitalized because of his illness.
Reports indicate Lee Jae-yong, his son is running the biggest company in South Korea.
The statement does not provide information on the cause of his death.