Honorary Chairman of Hyosung Group, Cho Suck-rai, passes away at the age of 89

Seoul, March 29 (IANS) Hyosung Group Honorary Chairman Cho Suck-rai, 89, passed away on Friday due to a chronic illness. Cho played a key role in establishing Hyosung as a global business entity and shaping South Korea’s heavy chemical industry.

Cho, who stepped down from the top management position in 2017 due to his advanced age and health, died while under treatment at Seoul National University Hospital. He was known for propelling Hyosung’s flagship products like spandex and tire cords to the forefront of the global market.

The eldest son of Hyosung founder Cho Hong-jai, Cho Suck-rai was committed to technology and quality, leading to the establishment of Korea’s first technology research institute in 1971. Apart from his corporate achievements, Cho was actively involved in private diplomacy and international relations.

Despite his contributions, Cho faced internal family disputes and legal challenges in his later years. A power struggle between his sons, especially involving his second son, Hyun-moon, led to Cho’s departure from Hyosung in 2016. He also faced legal proceedings over allegations of corporate tax evasion and fraudulent accounting, with the case still pending in court.

Cho’s death marks the end of an era for Hyosung Group, as the legacy of his leadership and contributions to the business community and international relations will be remembered. The news of his passing has left many in the industry mourning the loss of a visionary leader and pioneer in South Korea’s industrial landscape.