Share prices of Samsung Group’s affiliates rallied Thursday afternoon after rumors of the group chairman’s death went viral on social media, according to sources at Seoul’s stock market.

Around lunchtime, a short message that read “Chairman Lee Kun-hee has passed away. Samsung to announce his death at 3:00 p.m., embargoed,” began to spread fast. His alleged death was even reported to South Korea’s presidential office Cheong Wa Dae, according to the message.


Samsung Group immediately denied the rumors, saying it was completely groundless.

“Every six months, same sort of speculation have circulated,” said an official from the group.

“This is totally groundless and we don’t have any plans to make such an announcement.”

As of 1:25 p.m., stocks related to Samsung’s cross-shareholding structure surged, including Samsung C&T’s shares, which showed more than 7 percent increase to 126,500 won per share from the closing price of the previous day. Stock price of Samsung Electronics also surged 2 percent to 1.43 million won per share at the same time.

On May 10, 2014, the group’s chairman, the youngest son of Samsung founder Lee Byung-chull, collapsed at home after a severe heart attack. He received emergency surgery and since then, he has been receiving treatment at Samsung Medical Center in southern Seoul.

Samsung has said that the chairman is in a stable condition but shows no sign of improving.

By Cho Chung-un (christory@heraldcorp.com)