Hyosung Group Honorary Chairman Cho Suck-rai, who played a pivotal role in shaping South Korea's heavy chemical industry and establishing Hyosung as a global business entity, died of a chronic illness Friday, sources said. He was 89. Cho died of a chronic ailment while under treatment at Seoul National University Hospital, according to the sources. It has been seven years since he stepped down from the top management position in 2017 due to his advanced age and health. Cho, the eldest son of Hyosung founder Cho Hong-jai began his entrepreneurial journey with Hyosung Corp. in 1966. Emphasizing technology and quality, he began leading the company in 1982 and propelled Hyosung's flagship products, including spandex and tire cords, to the forefront of the global market. Under his leadership, Hyosung's spandex brand "creora" gained global acclaim for its excellence. He also actively contributed to the local business community, serving as chairman of the Federation of Korean Industries (FKI), one of the coun try's major business lobbying groups, from 1987 to 2007, and established Korea's first technology research institute in 1971. Following his death, the FKI issued a statement offering condolences, saying he "laid the foundation for the development of the textile, chemical, heavy and other key industries" and was a "pioneer who led a technology-centered management system." Other business bodies, including the Korea Chamber of Commerce and Industry and the Korea Enterprises Federation, also expressed deep condolences over his death, praising him as a businessman with great entrepreneurship and excellent management abilities. Beyond his corporate endeavors, Cho was actively engaged in private diplomacy and international relations. Speaking Japanese as a native language and fluent in English, he was known for his close relationship with key Japanese figures, including former Japanese Prime Minister Yasuo Fukuda. With a vast international network spanning the U.S., Japan, China and other major economies, Cho p layed a prominent role in regional business associations, such as the Pacific Basin Economic Council and the Korea-U.S. Business Council. However, Cho's later years were overshadowed by internal strife within his family and legal challenges. A power struggle between his sons, particularly involving his second son, Hyun-moon, resulted in Cho's departure from Hyosung in 2016. Subsequently, he faced investigations and legal proceedings concerning allegations of corporate tax evasion and fraudulent accounting, with the case still pending in court. Since Cho stepped down as Hyosung's CEO, the company has been pushing to split into two companies, the original one led by the late honorary chairman's eldest son, Hyun-joon, and the new one led by his youngest son, Hyun-sang. Market watchers say the original Hyosung will focus on traditional businesses, such as textiles, while the new Hyosung will focus on the advanced materials business, if the plan is passed at the group's shareholders' meeting in June. Cho is survived by his wife and three sons. His funeral is scheduled for Tuesday Source: Yonhap News Agency
