An official funeral ceremony has begun for late Samsung Group chairman Lee Kun-hee.

A private wake is being held at Samsung Medical Center in Seoul.

Lee, known as one of the most crucial business leaders in South Korea's post-war economic advancement, passed on Sunday at the age of 78, more than six years after being hospitalized following a heart attack.

He is survived by his wife, Hong Ra-hee, and only son, Jae-yong, and two daughters, Boo-jin and Seo-hyun.

Many have been paying their last respects to the visionary and Samsung Group titan, including President Moon Jae-in, who called Lee "an icon of the Korean business community," and lauded his innovative leadership for developing the Korea's semiconductor industry.

The International Olympic Committee also expressed its condolences over Lee's death.

"Lee Kun-hee made a great contribution to the Olympic Movement and the success of the Olympic Games by not only making Samsung a TOP Partner of the IOC, but also by promoting the Olympic Games worldwide and by fostering the bond between sport and culture," IOC President Thomas Bach said, adding Lee's Olympic legacy would continue to live on.

Bach said the IOC will fly the Olympic flag at half-mast in Lausanne, Switzerland, to honor Lee.

Senior executives from Hyundai Group and others have also sent messages and flowers to pay their respects, as did some political leaders.

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