Just two weeks after the Korean government ousted him as Chairman of Korean Air in a possible effort to nationalize the airline, Cho Yang-ho dies of lung disease:
The family of Hanjin Chairman Cho Yang-jo. At left is Cho Hyun-ah, President of the KAL Hotel Network, Cho Hyun-min, senior managing director at Korean Air, Lee Myung-hee, chairperson of the Ilwoo Foundation, Cho Yang-jo, and Cho Won-tae, president of Korean Air.
Hanjin Group and Korean Air Chairman Cho Yang-ho has died at the age of 70 from lung disease at a hospital in Los Angeles.
According to Korean Air, Cho, who had been treated for the disease in the U.S. since last December, died just after midnight on Monday Korea time.
His wife, two daughters and son Won-tae, the president of Korean Air, were reported to have been by his side at the time of his death.
Arrangements are being made to transport Cho’s coffin from the U.S. for his funeral in South Korea.
An official from Korean Air said Cho’s condition drastically worsened from the shock and stress following the recent news of his removal from the airline’s board of directors.
Does everyone remember Heather Cho of “Nut Rage” fame? You would think her chaebol owning dad would keep a low profile after such a high profile incident involving his family. Well that was not the case as he is now being targeted by authorities for corruption:
Cho Yang-ho
The police’s request for a warrant to arrest Hanjin Group Chairman Cho Yang-ho accused of fund misappropriation was rejected by the prosecution on Tuesday.
Cho, who doubles as CEO of Korean Air Lines Co., is under investigation over suspicion that he siphoned off 3 billion won (US$2.6 million) from company funds to pay for his house remodeling expenses between May 2013 and August 2014. Police made the writ request for Cho on Monday on possible charges of breach of trust.
The Seoul Central District Prosecutors’ Office said it instructed the police to further investigate the case to substantiate his charges.
He was questioned by police last month. He has denied any wrongdoing, saying he had no knowledge of the misappropriation.
The allegations were raised during a separate police investigation into possible tax fraud by an interior renovation company that works largely for business conglomerates.
In early July, police investigators raided the airline’s headquarters in western Seoul and confiscated accounting books and contract documents. [Yonhap]
That must be some serious renovations to cost $2.6 million.
