Former Daewoo Group Chair Kim Woo-choong died on Monday at the age of 82.

According to Kim's family, the founder of the now-defunct conglomerate died of a chronic disease at a hospital in Suwon, just south of Seoul, at 11:50 p.m.

Kim had reportedly been treated at the hospital since December last year as his health deteriorated. 

Kim founded Daewoo Group in 1967 and it was for a time South Korea's second-largest conglomerate after Hyundai Group. The company was declared bankrupt during the Asian financial crisis of the late 1990s and was forced to split into smaller, independent companies. 

The funeral service will be held at 8 a.m. Thursday at Suwon's Ajou University Hospital.