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Park Yong-oh, former chairman of Doosan Group, has committed suicide, Yonhap News Agency reported Wedneday, quoting company officials.
Park, who served as the group's chairman 1996-98, reportedly hanged himself.
Rumors have it that Park, 72, killed himself due to severe stress arising from disputes with his brothers over the group's management rights. However, the exact cause of his suicide was not immediately known.
He has been serving as chairman of a medium-sized construction company since 2008.
In 2006, Park was convicted of embezzling tens of billions of won of company funds and creating tens of billions of won in illicit political funds.
The dispute surrounding the family-run conglomerate flared up in July 2005, when Park's younger brother, Yong-sung, took over the company from his brother in a company shakeup.
Angered by his ouster, the elder Park filed a complaint with the prosecution, claiming his younger brother created a 170 million won slush fund through embezzlement and accounting fraud.
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