News of the death of Kim Suk-won, the ex-chairman of the now-defunct Ssangyong Group, spread on Saturday. He was 78 years old.
In 1975, Kim took the helm of the midsized business group, which initially focused on making cement. Under his leadership, the company began to expand into the construction, financial and automaking sectors. In 1986, Ssangyong Group acquired a local automaker that specialized in producing SUVs.
However, the 1997 Asian financial crisis dealt a blow to Kim’s empire, and he was charged with account fraud in 2005. Ssangyong Motor, the flagship of the Ssangyong Group, was sold to China-based SAIC Motor Corp. in 2004, but the Chinese automaker gave up control of the carmaker in 2009 due to the global financial crisis.
SsangYong was then placed in receivership in 2009, and India-based Mahindra purchased a controlling stake in the company in 2011. But the Indian carmaker relinquished its majority stake and the company was put up for sale. In 2022, a KG Group-led consortium was chosen as the preferred buyer for the automaker, which has since been rebranded to KG Mobility Co.
Kim Suk-won, ex-chairman of the now-defunct Ssangyong Group, is seen in this undated photo provided by his family. (PHOTO NOT FOR SALE) (Yonhap)
sam@yna.co.kr
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