Yu Kyung-sun (pictured), 56, offered his resignation to the Korean Olympic Committee (KOC) here yesterday and they have accepted it.

The decision to step down only a month after being appointed comes after Yu, the chairman of local business group Eugene Corporation, appeared before prosecutors for questioning over allegations about an deal with Hi-Mart Corporation, a major appliance retailer in South Korea, when his conglomerate acquired the company in 2007.

Through the contract, Hi-Mart chairman Sun Jong-koo is suspected of securing managerial rights and receiving illegal favours from Yu.

The scandal has rocked South Korean business as British grocer Tesco were among the firms reportedly interested in bidding for a $778 million (£490 million/€558 million) stake in Hi-Mart until the scandal erupted last month. 

News of the resignation is also an embarrassment to officials of the 2018 Winter Olympics and Paralympics as it coincided with the start of the first International Olympic Committee (IOC) Coordination Commission visit to the city since they were awarded the Games last July. 

Yu is a member of the Organising Committee and also the 2014 Asian Games in Incheon.

He is also the President of the Asian Triathlon Confederation and vice-president of the International Triathlon Union, as well as a former chairman of the Korean Triathlon Federation since 2000.

Yu is also an Executive Board member of both the the KOC and the Olympic Council of Asia.

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