The former head of South Korea's giant Doosan group committed suicide on Wednesday, police said, amid reports he had faced hardship in managing his present company due to the economic slump.

Park Yong-Oh, 72, was found dead by a housemaid at his home in Seoul.

"We believe he killed himself although our investigation is not completed," a city police agency spokesman told AFP, refusing to confirm news reports that Park hanged himself with a tie.

Park resigned as chairman of Doosan in 1998 and was ousted from its management team in 2005 after a dispute with his younger brother Park Yong-Sung.

From 2008 he ran a small construction company.

The family dispute triggered a criminal investigation after the elder Park accused his younger brother of creating a secret slush fund with company money to fund private lobbying and other activities.

The two were eventually both convicted of creating slush funds and given suspended jail terms. Park Yong-Sung resigned as group chairman in 2006.

Doosan, now run by the fourth son Park Yong-Hyun, is a leading conglomerate with interests ranging from construction, machinery and power plants to food.

AFP

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