Lee Myung-bak, Koo Kwang-mo, Chung Mong-joon... Memorial Procession Continues on Second Day of Late Chairman Cho Seok-rae's Funeral (Comprehensive)

On the second day of the funeral for the late Cho Seok-rae, Honorary Chairman of Hyosung Group, on the 31st, a continuous stream of mourners from various sectors, including politics and business, paid their respects.

Former President Lee Myung-bak bid farewell to Honorary Chairman Cho. On that day, Lee visited the funeral hall set up for Chairman Cho at Severance Hospital in Seodaemun-gu, Seoul, saying, "During my presidency, he served as the chairman of the Federation of Korean Industries (now the Korea Economic Association), promoting corporate investment and accomplishing many things." He added, "When the global financial crisis occurred, as chairman of the Federation of Korean Industries, he led businesspeople to cooperate extensively at that time."

Former President Lee Myung-bak is entering the funeral hall of the late Cho Seok-rae, Honorary Chairman of the Hyosung Group, set up at Severance Hospital in Seodaemun-gu, Seoul on the 31st. Photo by Joint Press Corps

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The late Chairman Cho Seok-rae served as chairman of the Federation of Korean Industries from 2007 to 2011. During his tenure, he contributed to win-win cooperation among large, medium, and small enterprises, job creation, revitalization of international exchanges, creation of jobs for women, and establishment of work-family balance. While serving as chairman, he urged improvement of the corporate investment environment, saying, "Fish peacefully swim in a pond, but if you throw pebbles, they disappear. Money is similar in nature; if the situation is unstable, investment does not occur."

Koo Kwang-mo, Chairman of LG Group, is entering the funeral hall of the late Cho Seok-rae, Honorary Chairman of Hyosung Group, set up at Severance Hospital in Seodaemun-gu, Seoul on the 31st. Photo by Joint Press Corps

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Koo Kwang-mo, Chairman of LG Group, also visited the funeral hall around 5 p.m. to pay his respects. Chairman Koo said, "He was a highly respected figure in the business community, and it is very regrettable that he has passed away." Chung Mong-joon, Chairman of the Asan Foundation, visited with his eldest son, Chung Ki-sun, Vice Chairman of HD Hyundai. Chairman Chung told reporters, "I occasionally met the late chairman at gatherings and always remember him as a positive and kind person. My father (Chung Ju-yung, founder of Hyundai Group) also served as chairman of the Federation of Korean Industries for a long time, and the late chairman was also a senior figure in the business community who served as chairman." Vice Chairman Chung said, "He was a person greatly respected by everyone in the business community for a long time. I told the bereaved family that I hope he rests comfortably in a good place." He is also a university junior of the bereaved, Cho Hyun-sang, Vice Chairman of Hyosung.

Those connected through the Federation of Korean Industries also visited the funeral hall to mourn Honorary Chairman Cho. Son Gil-seung, Honorary Chairman of SK Telecom, who worked with the late chairman at the Federation, said after paying respects, "He was well-versed in international relations and technology, serving as a role model, and I had many conversations with him during his lifetime. It is regrettable; I wish he could have stayed longer, especially in times like these."

Jeong Mong-jun, Chairman of the Asan Foundation, and Jeong Ki-sun, Vice Chairman of HD Hyundai, are paying their respects at the funeral hall of the late Cho Seok-rae, Honorary Chairman of the Hyosung Group, set up at Severance Hospital in Sinchon, Seodaemun-gu, Seoul on the 31st. Photo by Joint Press Corps

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Heo Chang-soo, Honorary Chairman of GS Group, who succeeded the late chairman as chairman of the Federation of Korean Industries and served six consecutive terms from 2011, said, "I was the successor to the Federation chairman. I learned a lot from Chairman Cho." Ryu Jin, Chairman of Poongsan Group, who leads the Korea Economic Association, the successor to the Federation, also joined the line of mourners. Chairman Ryu said, "We have been very close since my father’s time. During his tenure as chairman of the Federation, he accomplished many significant tasks, including constructing the headquarters building. I also know Chairman Cho Hyun-joon well, so I told him to diligently fulfill his father's legacy until the end."

Key political figures such as Kim Jin-pyo, Speaker of the National Assembly, and Kim Dong-yeon, Governor of Gyeonggi Province, also visited the funeral hall. Speaker Kim recalled, "When I served as Deputy Prime Minister for Economic Affairs during the Roh Moo-hyun administration, Honorary Chairman Cho was the chairman of the Korea-US Business Council. At that time, our economy was very difficult, but he had the capability to communicate well with the business communities of the US and Japan and helped a lot."

Governor Kim said, "When he held several important positions in the business community, I had a connection with him as Deputy Prime Minister for Economic Affairs, and also when I was young working at a bank, I was in charge of Hyosung loans. Honorary Chairman Cho was a great star in the business world and worked hard for economic development for a long time, so I thought it was only right to pay my respects and show courtesy on his passing."

Cho Seok-rae, Honorary Chairman of Hyosung Group. Photo by Hyosung Group

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Senior officials from the Presidential Office also visited the funeral hall one after another. Sung Tae-yoon, Policy Chief of the Presidential Office, said at the funeral hall, "He was a person who led the Korean business community and Hyosung, contributing greatly to our economy. Although I did not have a personal relationship with him, he was a respected entrepreneur." He added regarding the bereaved family, "I expressed my condolences and said I believe they will continue to lead well following their father." Lee Gwan-seop, Chief Secretary of the Presidential Office, also quietly paid tribute at the funeral hall that day.

On the second day of Honorary Chairman Cho’s funeral, major figures from business and politics continued to visit the funeral hall. Including former President Lee, Chairman Koo, Chairman Chung, Vice Chairman Chung, Chung Ji-sun, Chairman of Hyundai Department Store Group, Lee Kyu-ho, Vice Chairman of Kolon, and Jang Jae-hoon, President of Hyundai Motor Company, the funeral hall was bustling with business figures. Political figures such as Speaker Kim, Governor Kim, Chief Secretary Lee, and Policy Chief Sung also visited to honor the achievements left by the late chairman during his lifetime.

Honorary Chairman Cho, who had been hospitalized and receiving treatment at Seoul National University Hospital due to deteriorating health, passed away on the 29th at 6:38 p.m. at the age of 89. The funeral is being held over five days, with the farewell ceremony scheduled for the 2nd of next month. Former Prime Minister Lee Hong-gu is serving as honorary funeral chairman, and Cho Hyun-woong, Vice Chairman of Hyosung, is serving as funeral chairman overseeing the proceedings.

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