Chaebol leaders mourn Poongsan matriarch

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Chaebol leaders mourn Poongsan matriarch


Bae Jun-young

Major chaebol figures have been visiting the mortuary at Seoul National University Hospital to pay their respects to the family of Bae Jun-young, widow of Ryu Chan-u, the founder of Poongsan Group. Bae, the mother of current Chairman Jin Roy Ryu, died Saturday morning at the age of 87.

Jay Y. Lee, the president of Samsung Electronics, visited the mortuary in Yeongeon-dong, central Seoul, alone early Sunday morning.

Kim Seung-youn, chairman of Hanwha Group, and Cho Hyun-joon, president of Hyosung Group, visited the hospital on Sunday to console the family and Poongsan employees.

On Monday morning, visitors included Hyundai Motor Group Vice Chairman Chung Eui-sun, LG Group Chairman Koo Bon-moo and Doosan Group Chairman Park Yong-maan with his older brother Park Yong-sung, chairman of Doosan Heavy Industries and Construction.

JoongAng Ilbo and JTBC Chairman Hong Seok-hyun, U.S. Ambassador Mark Lippert, Kumho Asiana Group Chairman Park Sam-goo, Lotte Group Chairman Shin Dong-bin and Saenuri Party Chairman Kim Moo-sung called on Monday afternoon.

Poongsan Group, which produces coins and defense equipment, was founded in 1968. Poongsan has been a major contributor to the Korean economy since being selected as one of the nation’s five key industrialization corporations in 1970 under former President Park Chung Hee.

The company’s close relationship with the military brought Han Min-koo, minister of national defense, and Kim Kwan-jin, the Blue House national security office chief, to the mortuary on Sunday morning.

Former U.S. President George W. Bush and former President Lee Myung-bak sent flowers. The Bush family has been close to the Ryu family ever since the Poongsan founder served as chairman of the Korea Defense Industry Association.

Bae was well known for her dedication to her husband and Poongsan employees, serving lunch for workers when her husband first opened a metal factory in 1969.

The funeral service for Bae is scheduled for this morning at Poongsan headquarters in Seodaemun, northwestern Seoul.

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