Hanjin Group chairman Cho Yang-ho died yesterday in the United States at age of 70 due to a chronic lung disease.

Hanjin Group said it has initiated an emergency management system and will discuss key management issues after the funeral.

Born in 1949 as the eldest son of Hanjin Group founder Cho Jung-hun, Cho Yang-ho inherited Hanjin Group after his father’s death in 2002. He has served various roles within the group including the chairman of Hanjin Shipping, which went bankrupt in 2016.

Cho was involved in a series of court charges in the past year which were dismissed today by a local court citing the accused’s death.