Samsung Denies Chairman Is Dead

  • Arirang News

    July 01, 2016 10:44

    Samsung has denied rumors of the death of chairman Lee Kun-hee, who has been in a coma since a heart attack in late 2014. The corporate behemoth in a statement denounced rumors on social media that the mogul had passed away.

    Shares of major Samsung affiliates jumped about eight percent from the day before when the denial was issued.

    A similar incident in April last year caused Samsung stocks to wobble precariously, leading to suspicions that the rumors were fueled by market manipulators to make gains from the rally.

    The Financial Supervisory Service and Korea Exchange are investigating whether the rumors were spread with malicious intent.

    The conglomerate is already run by Lee's son Jae-yong, who has been trying to streamline its Byzantine ownership structure, but market voodoo seems to depend on the survival of the chairman, conscious or otherwise.

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