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LIG Group honorary chairman dies at age 86

Koo Cha-won
Koo Cha-won

LIG Group Honorary Chairman Koo Cha-won died Saturday of a chronic illness, the company said. He was 86.

Born in 1935, Koo was the second-generation leader at LIG Group, which was spun off from LG Group in 1999.

Koo headed LIG Insurance before selling the country's fourth-largest non-life insurer to KB Financial Group Inc., a major South Korean banking group, in 2015. He also served as honorary chairman of LIG Nex1, a key South Korean defense company.

Koo was a younger cousin of LG Group Honorary Chairman Koo Cha-kyung, who died in December of a chronic illness. Koo Cha-kyung was the grandfather of the current chairman, Koo Kwang-mo. (Yonhap)