"Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business," Samsung said in a statement. "All of us at Samsung will cherish his memory and are grateful for the journey we shared with him."

Lee's son, Jay Y. Lee, has led the company since becoming Vice Chairman in 2012 and is expected to inherit his father's title.

The younger Lee previously spent time in jail after being convicted of bribing disgraced former South Korean President Park Geun-hye, who was herself jailed in 2018.

Lee is currently subject to further court proceedings for alleged corporate malfeasance.