Pioneer in Hyundai Group Chung In-yung dies at 86

Chung In-yung, honorary chairman of Halla Engineering & Construction Corp. and younger brother of Chung Ju-yung, founder of Hyundai Group, died yesterday, signaling the near end of Hyundai Group’s first-generation founding family.
Mr. Chung died of natural causes at Hyundai Asan Hospital in Seoul, Halla Engineering & Construction officials said. He was 86.
Mr. Chung, along with his four brothers and a sister, was a partner of Chung Ju-yung, who built the Hyundai empire in the 1950s. With four of the siblings now deceased, only two members of the Hyundai Group’s first-generation founding family remain alive: Chung Sang-young, honorary chairman of KCC Corp., and Chung Hee-yung, Mr. Chung’s sister.
Mr. Chung was born in Tongcheon, Gangwon province, in 1920. He was a reporter for the Dong-A Ilbo and Daehan Daily from 1947 to 1951.
He joined the Hyundai Group in 1951.
His career at the Hyundai Group flourished at Hyundai Construction, where he reinvented the small builder and turned it into Korea’s biggest builder during his tenure from 1953 to 1976.
He also founded Hyundai Yanghaeng, now Hyundai Heavy Industries Co., in 1962.

by Jung Ha-won