Samsung Group on Wednesday denied media reports that Samsung Electronics’ chairman Lee Kun-hee’s health was deteriorating. The speculation was floated after the postponement of a dinner commemorating the 20th anniversary of Lee’s “New Management Initiative” scheduled for Friday.

“The stories (surrounding the chairman’s health) are all groundless,” Rhee In-yong, Samsung’s head of communications, told reporters during a weekly briefing. “He is as healthy as he could be.”

He added that if and when there’s anything to report on Lee’s health, Samsung would be the first to let the public know.

Rhee also denied that Samsung was planning to embark on a stock buyback for 4 million Samsung Electronics shares in relation to Lee’s allegedly declining health.

Rumors about Lee’s well-being began to circulate in the stock markets after Samsung suddenly decided to postpone the commemorative dinner to Aug. 23.

(jemmie@heraldcorp.com)