Scandal-hit Korean Air CEO dies at 70, shares soar

Under Cho, Korean Air emerged as one of the world's top airlines, flying to 124 cities in 44 countries, and he headed the bid committee that saw the South awarded the 2018 Winter Olympics.

The tycoon was the chairman of the Hanjin Group -- one of the sprawling family-led conglomerates known as "chaebol" that dominate the South Korean economy -- and controlled around 30 percent of Korean Air through its parent company Hanjin Kal. "The death appears to have helped erase the so-called CEO risks, which have plagued Hanjin group firms, as a series of controversies and misconducts by the owner family members have hurt corporate values," Yonhap news agency quoted a brokerage analyst as saying.

Cho was on trial for embezzling more than 20 billion won and unfairly awarding contracts to companies controlled by his family members.

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