Lee pays respect to late LG tycoon

President Lee Myung-bak paid his respects Tuesday to Koo Pyong-hwoi, a member of the founding family of LG Group, one of Korea's biggest conglomerates, bestowing a state medal on the late tycoon.

Koo, honorary chairman of LPG supplier E1 Corp., died Saturday of chronic diseases at the age of 86.

Lee visited the funeral hall for Koo at Seoul's Asan Medical Center, to pay his respects and posthumously confer the Gwanghwa Medal of the Order of Diplomatic Service Merit on him in recognition of his efforts to upgrade South Korea's international profile.

Koo, a younger brother of LG Group founder Koo In-hwoi, is considered to have helped lay the groundwork for Korea's development of heavy and chemical industries with the establishment of a refiner jointly with Caltex of the United States in 1967, which was later renamed GS Caltex.

In 1984, he also founded E1, the first Korean firm specializing in LPG.

Koo served as the head of various civilian diplomatic organizations, such as the Korea-U.S. Economic Council and the Pacific Basin Economic Council.