Wednesday November 4, 4:39 PM
Prominent SKorean businessman commits suicide: police
The former head of South Korea's giant Doosan group hanged himself on Wednesday, police said, amid reports he had run into difficulties managing his present company in the face of the economic crisis.
The body of Park Yong-Oh, 72, was found by a housemaid at his home in Seoul. Police said a suicide note was also found at the scene.
"He is believed to have hanged himself with a tie in his dressing room," the city police agency said in a statement, citing witness accounts and Park's note.
Park resigned as chairman of Doosan in 1998 and was ousted from its management team in 2005 after a dispute with his younger brother Park Yong-Sung.
From 2008 he ran a small construction company.
The family dispute triggered a criminal investigation after the elder Park accused his younger brother of creating a secret slush fund with company money to fund private lobbying and other activities.
The two were eventually both convicted of creating slush funds and given suspended jail terms. Park Yong-Sung resigned as group chairman in 2006.
Doosan, now run by the fourth son Park Yong-Hyun, is a leading conglomerate in South Korea with interests ranging from construction, machinery and power plants to food.
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