Former Doosan Group chairman commits suicide

SEOUL, Nov. 4 (Yonhap) -- Park Yong-oh, former chairman of South Korea's Doosan Group, has committed suicide by hanging himself, police and company officials said Wednesday.

The 72-year-old businessman, who ran a small-sized construction company from
2008, was found dead at his home, according to police.
Police said they are investigating the death. He had reportedly faced hardship in
managing the builder due to the economic slump, according to company officials.
Park who served as chairman of the business group from 1996 to 2005 was ousted in
2005 from the group management after a dispute with his younger brothers.
The dispute surrounding the family-run conglomerate in South Korea flared up in
July 2005, when Park's younger brother, Yong-sung, took over the company from his
brother in a group shakeup.
Angered by his ouster, Park Yong-oh filed a complaint with the prosecution,
claiming his younger brother created a slush fund through embezzlement and
accounting fraud.
However, Park and his younger brothers were all convicted later for creating
slush funds. Park Yong-oh was sentenced in 2007 to a suspended three-year jail
term on charges of embezzlement and creating tens of billions of won in illicit
political funds.
Park Yong-sung also resigned as the group chairman as the prosecution
investigation intensified.
Doosan Group's business portfolio ranges from machinery, power plants to food.
Doosan Heavy Industries & Construction Co. is South Korea's biggest
power-equipment maker and Doosan Infracore Co. is the nation's largest
construction equipment maker.
sam@yna.co.kr
(END)