South Korean tycoon dead of apparent suicide

"We presume Park Yong-oh killed himself and we are investigating the case," said Cho Hun-joo, an official at a police station near Park's home in Seoul where his body was found. Cho said a suicide note was found, though he gave no details.

Another official said that there was a mark around Park's neck and a necktie was found near his body, which he said also led police to believe the death was a suicide.

South Korean media reported that Park was under stress due to financial difficulties at a new construction firm he headed. The company has no relations with Doosan. Repeated calls to the construction company went unanswered.

South Korea, a nation of 49 million people, has the highest rate of suicide among nations belonging to the Organization of Economic Co-operation and Development, a grouping of industrialized nations that currently lists 30 members.

Former President Roh Moo-hyun jumped off a cliff to his death in May. At the time, he and his family were being investigated for allegedly taking $6 million from a businessman while Roh was president.

Last year, top South Korean actress Choi Jin-sil committed suicide, weeks after a fellow actor killed himself.

Park, 72, had been chief executive of the Doosan Group until a family feud prompted his ouster in 2005. His younger brother, Park Yong-sung, took over as chairman.

In 2006, however, they and two other brothers were convicted of embezzling company funds and received suspended prison terms. Park Yong-sung later received a presidential amnesty, though the other brothers did not, according to the Justice Ministry.

Park Yong-sung is a former member of the International Olympic Committee and International Judo Federation.

The Doosan Group is one of South Korea's largest conglomerates, with 15 subsidiaries operating businesses including construction, food and clothing. Doosan also builds nuclear power plants.

Bobcat Co., a West Fargo, North Dakota-based maker of small loaders and light construction equipment, is owned by Doosan Infracore International, a subsidiary of Doosan Group company Doosan Infracore.

The current chairman of Doosan Group is Park Yong-hyun, who was not charged or convicted with his brothers in 2006.

Doosan had no comment on Park's presumed suicide.

Officials at Seoul National University hospital confirmed Park's death but did not cite a cause. Park had suffered from a heart problem, said hospital spokesman Lim Jong-pil.

In perhaps the country's most sensational suicide by a businessman, Chung Mong-hun, a top executive in the Hyundai conglomerate, leapt from his office window to his death in 2003.

Chung was on trial on charges stemming from allegations that his company, Hyundai Asan, helped former President Kim Dae-jung's government secretly pay North Korea to get Pyongyang to agree to a historic 2000 summit between the Koreas.

Subscribe to The China Post and save 25%. Click here

SharePrintEmail

Write a Comment

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos Respond to this email