Lee Byung-chul

Lee Byung-chul (Korean: 이병철; 12 February 1910 – 19 November 1987) was a South Korean businessman.

He was the founder of the Samsung Group, South Korea's largest chaebol, and considered one of South Korea's most successful businessmen.

Lee Byung-chul was born on 12 February 1910 in Uiryeong County, South Gyeongsang Province, Korean Empire.

He was born the youngest son of four siblings to father Lee Chan-woo and mother Kwon Jae-lim.

He was the son of a wealthy land-owning yangban family (a branch of the Gyeongju Lee clan).

He attended highschool at Joongdong High School in Seoul, and then college at Waseda University in Tokyo but did not complete his degree.

Byung-chul established a trucking business in Busan on 1 March 1938, which he named Samsung Trading Co, the forerunner to Samsung.

Samsung means "Three Stars" which explains the initial corporate logos.

By 1945 Samsung was transporting goods throughout Korea and to other countries.

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 Busan.

The massive influx of U.S. troops and equipment into Busan over the next year and a half of the war proved to be highly beneficial to Lee's trading company.

In 1961, when Park Chung Hee seized power in the May 16 coup, 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.

The first step of the Federation of Korean Industries was established in August 1961.

The association was founded by Samsung Group chairman Lee Byung-chul.

Later in life, Byung-chul served as chairman of the Federation of Korean Industries and was known as the richest man in Korea.

In 1965, he established the Samsung Culture Foundation to promote a broad range of programs to enrich Korean cultural life.

In 1969, Samsung Electronics Manufacturing (renamed Samsung Electronics) and later merged with Samsung-Sanyo Electric.

Samsung Electronics Manufacturing had 45 employees and about $250,000 sales in 1970 and it made household electronics exclusively.

In 1982, he was awarded an honorary doctorate from Boston College

After his death, Byung-chul's estate (Ho-Am) was opened to the public for tours.

His collection of Korean art is considered one of the largest private collections in the country, featuring 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, one of South Korea's popular amusement parks (Everland is also owned by the Samsung Group).

The family of Lee Byung-chul