Former Chairman Kim Seok-won, Who Led Ssangyong Group's Heyday, Passes Away

Expansion of Business Areas Leads to Rising to 6th Place in Business Circles
Also Plays a Role in Strengthening the Status of Korea Scout

Kim Seok-won, former chairman of Ssangyong Group who led the group's heyday, passed away on the 26th at the age of 78.

An official from the Sungkok Media and Culture Foundation stated, "Former Chairman Kim Seok-won passed away early this morning around 3 a.m. due to old age."

[Image source=Yonhap News]

The late Mr. Kim, originally from Daegu, graduated from Seoul High School and studied economics at Brandeis University in the United States. During his studies abroad, he assumed the position of chairman of Ssangyong Group in 1975 following the death of his father, Sungkok Kim Seong-gon, the founder of Ssangyong Group.

Ssangyong Group originally started as a small soap factory and later expanded into ready-mixed concrete businesses. After inheriting the company, former Chairman Kim aggressively expanded the business into heavy and chemical industries and finance, growing the group to become the 6th largest conglomerate in Korea. Notable achievements include establishing Ssangyong Heavy Industries, Ssangyong Construction, and acquiring Hyosung Securities.

With a strong personal interest in automobiles, former Chairman Kim entered the automotive business by acquiring Dong-A Motor in 1986. In 1996, he was elected as a member of the 15th National Assembly and ventured into politics. However, as the group faced a management crisis due to overexpansion in the automobile sector, he resigned from the National Assembly in 1998 and returned to lead the company. He attempted to sell Ssangyong Motor, but due to the Asian financial crisis and lack of buyers, the entire group faced difficulties and eventually dissolved.

Around the end of 1997, during the Asian financial crisis, former Chairman Kim was arrested and indicted in 2005 on charges of embezzling billions of won of company assets through accounting fraud.

In 1974, Chairman Kim developed Yongpyong Ski Resort, laying the foundation for the development of winter sports and the leisure industry. In 1982, he was elected president of the Korea Scout Association and dedicated himself to the scouting movement. From 2000 to 2002, he served as chairman of the World Scout Support Foundation, enhancing the status of Korean scouting.

He is survived by his wife Park Moon-soon, and sons Kim Ji-yong (chairman of the Kukmin Academy educational foundation), Kim Ji-myeong (CEO of JJ Food System), and Kim Ji-tae (vice president of Tae-A Industry).

The funeral will be held privately with family only. The funeral hall is at Yonsei University Severance Hospital, Special Room 1. The funeral procession will depart at 7:20 a.m. on the 29th. The burial site is the family graveyard in Yongpyong, Gangwon Province.

This content was produced with the assistance of AI translation services.