Former Daewoo Group Chairman Kim Woo-joong passed away at 11:50 last night at around 11:50 last night.

Kim, whose health has deteriorated since last year, is known to have been hospitalized recently after undergoing hospital treatment at Ajou University Hospital.

Daewoo Group, founded by former President Kim, grew to the second largest in the business community from the 1980s to the late 1990s, but was disbanded in 1999.

Kim's office will be arranged at Ajou University Hospital.