Former Doosan Group chairman commits suicide

(ATTN: CHANGES lead; UPDATES with more details and minor changes)
SEOUL, Nov. 4 (Yonhap) -- The former chairman of South Korea's Doosan Group has
committed suicide, police and company officials said Wednesday.
Park Yong-oh, who ran a small-sized construction company from 2008, was found
dead earlier in the day at his home, according to police.
"He is believed to have hanged himself with a tie in his dressing room. An
apparent suicide note was also found inside a safe of his room," the police said
in a statement. They added that an investigation into the details of his death is
underway.
Park was pronounced dead at 8:32 a.m. at Seoul National University Hospital
after being whisked away by his chauffeur, according to police.
In the seven-page suicide note, Park said he "has faced difficulties in running
the company due to mounting liabilities," asking his family and company officials
to take care of the debts owed by small-sized builder Sungjee Construction, police
said.
The 72-year-old business tycoon had reportedly struggled to manage the builder
due to the recent economic slump, according to company officials.
Park, who served as chairman of Doosan Group from 1996 to 1998, was ousted from
the family-run conglomerate's management in 2005 after a dispute with his younger
brothers.
The dispute 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 and 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.
Doosan Group is currently managed by Park Yong-hyun, who was not charged or
convicted with his brothers in 2006.
sam@yna.co.kr
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