Lee Byung-chul
Encyclopedia
Lee Byung-chull was the founder of the Samsung Group
and one of South Korea's most successful businessmen. With the breakup of the Hyundai
chaebol
, Samsung is now South Korea's largest business group
He was the son of a wealthy landowning family (a branch of the Gyeongju Lee clan). He attended college at Waseda University
in Tokyo
, but he did not complete his degree. Upon the early death of his father, he used his inheritance to open a rice mill in his home town of Kyungnam. That endeavor was not especially successful so he established a trucking business in Daegu
on March 1, 1938, which he named Samsung Trading Co, the forerunner to Samsung. Samsung means "Three Stars" which explains the initial corporate logos.
Despite problems caused by Japan's rule over Korea
, by 1945 Samsung was transporting goods throughout Korea and to other counties. The company was based in Seoul by 1947. It was one of the ten largest "trading companies" when the Korean War
started in 1950. With the conquest of Seoul by the North Korean army, Lee was forced to relocate his business to Pusan. The massive influx of U.S. troops and equipment into Pusan over the next year and a half of the war proved to be highly beneficial to Lee's trucking company.
In 1953 he founded Cheil Sugar
which became very successful and profitable. Using the income from Cheil Sugar, he founded numerous other companies which sold products in a wide variety of markets: textiles (Cheil Wool Textile Co.), cars, insurance, department stores (Shinsegae), and consumer electronics.
In 1961 when General Park
seized power
, Lee was in Japan and for some time he did not return to South Korea. Eventually a deal was struck and Lee returned but Samsung had to give up control over the banks it acquired and follow economic directives from Park's government.
Later in life he served as chairman of the Federation of Korean Industries and was known as the richest man in Korea.
After his death, his estate (Ho-Am) was opened to the public for tours. His collection of Korean art is considered one of the largest and finest private collections in the country and it features a number of art objects that have been designated "National Treasures" by the Korean government. Ho-Am is located a short distance from the Everland
park, South Korea's most popular amusement park (Everland is also owned by the Samsung Group).
The Ho-Am Prize
was founded in 1991, named after Lee's Art-name
.
Samsung Group
The Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
and one of South Korea's most successful businessmen. With the breakup of the Hyundai
Hyundai
Hyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
chaebol
Chaebol
Chaebol refers to a South Korean form of business conglomerate. They are global multinationals owning numerous international enterprises. The term is often used in a context similar to that of the English word "conglomerate"...
, Samsung is now South Korea's largest business group
He was the son of a wealthy landowning family (a branch of the Gyeongju Lee clan). He attended college at Waseda University
Waseda University
, abbreviated as , is one of the most prestigious private universities in Japan and Asia. Its main campuses are located in the northern part of Shinjuku, Tokyo. Founded in 1882 as Tokyo Senmon Gakko, the institution was renamed "Waseda University" in 1902. It is known for its liberal climate...
in Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
, but he did not complete his degree. Upon the early death of his father, he used his inheritance to open a rice mill in his home town of Kyungnam. That endeavor was not especially successful so he established a trucking business in Daegu
Daegu
Daegu , also known as Taegu, and officially the Daegu Metropolitan City, is a city in South Korea, the fourth largest after Seoul, Busan, and Incheon, and the third largest metropolitan area in the country with over 2.5 million residents. The city is the capital and principal city of the...
on March 1, 1938, which he named Samsung Trading Co, the forerunner to Samsung. Samsung means "Three Stars" which explains the initial corporate logos.
Despite problems caused by Japan's rule over Korea
Korea under Japanese rule
Korea was under Japanese rule as part of Japan's 35-year imperialist expansion . Japanese rule ended in 1945 shortly after the Japanese defeat in World War II....
, by 1945 Samsung was transporting goods throughout Korea and to other counties. The company was based in Seoul by 1947. It was one of the ten largest "trading companies" when the Korean War
Korean War
The Korean War was a conventional war between South Korea, supported by the United Nations, and North Korea, supported by the People's Republic of China , with military material aid from the Soviet Union...
started in 1950. With the conquest of Seoul by the North Korean army, Lee was forced to relocate his business to Pusan. The massive influx of U.S. troops and equipment into Pusan over the next year and a half of the war proved to be highly beneficial to Lee's trucking company.
In 1953 he founded Cheil Sugar
Cheil Industries
- History :* 1954 Established Cheil Woolen Fabrics Industries* 1961 Exported 3,000 pounds of Jangmi brand carded wool to Hong Kong first* 1965 Obtained a Korean license for Wool Mark from I.W.S.* 1972 Established Cheil Synthetic Fiber...
which became very successful and profitable. Using the income from Cheil Sugar, he founded numerous other companies which sold products in a wide variety of markets: textiles (Cheil Wool Textile Co.), cars, insurance, department stores (Shinsegae), and consumer electronics.
In 1961 when General Park
Park Chung-hee
Park Chung-hee was a Republic of Korea Army general and the leader of South Korea from 1961 to 1979. He seized power in a military coup and ruled until his assassination in 1979. He has been credited with the industrialization of the Republic of Korea through export-led growth...
seized power
May Coup (South Korea)
The May Coup d'État was a military coup d'état carried out in South Korea by major general Park Chung-Hee and his subordinate officers on May 16, 1961. He justified his coup in the name of bringing the stability to the society and implementing the anti-communism policy...
, Lee was in Japan and for some time he did not return to South Korea. Eventually a deal was struck and Lee returned but Samsung had to give up control over the banks it acquired and follow economic directives from Park's government.
Later in life he served as chairman of the Federation of Korean Industries and was known as the richest man in Korea.
After his death, his estate (Ho-Am) was opened to the public for tours. His collection of Korean art is considered one of the largest and finest private collections in the country and it features a number of art objects that have been designated "National Treasures" by the Korean government. Ho-Am is located a short distance from the Everland
Everland
-External links:*...
park, South Korea's most popular amusement park (Everland is also owned by the Samsung Group).
The Ho-Am Prize
Ho-Am Prize
The Ho-Am Prize is a Korean annual award awarded to "domestic/abroad ethnic Korean who have made outstanding contributions to the development of science and culture and enhancement of the welfare of mankind," often referred to as the Korean equivalent of the Nobel Prize.Awarded since 1991, it is...
was founded in 1991, named after Lee's Art-name
Art-name
An art-name is a pseudonym, or penname, used by an East Asian artist, which they sometimes change. The word and the idea to use a pseudonym originated from China, then became popular in other East Asian countries ....
.