The suicide of Hyundai Asan chairman Chung Mong-hun on Monday came as a tremendous shock to South Korea's political and business establishment. The 55-year-old tycoon was a son of the late Chung Ju-yung, founder of the Hyundai business empire. Since his father's death two years ago, the younger Chung had also been the main man on economic co-operation between South and North Korea and had played an important role in the country's turbulent political and business world.
His sudden death and tragic life elicited a great deal of public sympathy. Indeed, many here see his suicide as a political, as much as a personal, tragedy.
One of seven sons, he was always his father's favourite. He was also the most talented businessman. After graduating from university, he joined Hyundai's shipyard as an ordinary employee. He rose to head the shipping unit in the early 1980s and then launched the group's ambitious electronics and semiconductor subsidiary. Thanks partly to the fast expansion of the unit, Hyundai became South Korea's largest conglomerate in the early 1990s, surpassing archrival Samsung.
In 1992, Chung embarked on a new gamble to help his father's presidential bid, managing his campaign, which briefly electrified national politics.
But after his father lost the election, Chung junior, as well as the group, faced tough times. He served a jail term for misusing company funds to finance his father's campaign.
As if to reward such devotion, Chung senior elevated his fifth son to the top management position of the group in the late 1990s. That, however, triggered a nasty power struggle with his brothers.
