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November 05, 2009
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The former Doosan chairman was found by a maid around 8:30 a.m. He was rushed to the Seoul National University Hospital. Police said Park had been under stress stemming from a business setback at Sungjee and a stock manipulation investigation into his son, Park Jung-won, vice president of Sungjee. Park is survived by his two sons, Park Kyung-won, vice chairman of Sungjee Construction, and Park Jung-won. Park is the second eldest son of Park Too-pyung, the late chairman and successor of Doosan Group founder Park Seung-jik. Park Yong-oh joined his father’s company in 1965 after completing his studies in New York. Since then, he took major positions within the Doosan Group, including the president of Oriental Brewery and chairman of Doosan Corp. He was the chairman of Doosan Group between 1996 and 2005, succeeding his older brother, Park Yong-kon. Park Yong-oh was also active outside the company, chairing the Korea Baseball Organization between 1998 and 2005. However, his fortunes turned downward in 2005 when an infamous feud with his younger brother Park Yong-sung ignited. In a fight over management rights, the older Park unveiled illegal funds that the founding family of Doosan Group had been embezzling from the company for two decades. That led to an investigation by prosecutors into the Park brothers and other family members. In July 2005, the eldest brother and honorary chairman Park Yong-kon named Park Yong-sung as the next chairman of Doosan Group. In doing so, Park Yong-oh and his sons were left out of managing positions at Doosan. Park Yong-oh protested the decision. It was the second well-known feud between brothers of a conglomerate’s founding family. The first was in the Hyundai Group between Chung Mong-koo and Chung Mong-hun. Prosecutors found that the Doosan Group had embezzled 30 billion won ($25.5 million) and used it for personal expenses. Park Yong-oh and his two sons became outcasts of the Doosan founding family. Park Yong-oh tried to make a comeback after he took over Sungjee Construction in February of last year. However, the company struggled after the construction industry was hit by the global economic downturn. By Lee Ho-jeong [ojlee82@joongang.co.kr] |
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