LG Group Chairman Koo Bon-moo, who led South Korea's fourth-largest conglomerate, died on Sunday due to illness. He was 73.

The firm said that Koo died peacefully at 9:52 a.m. while his family was watching, adding he was recently admitted to Seoul National University Hospital after his health took a turn for the worst.

LG said that while Koo had received medical care for around a year, the business tycoon had expressed his wish to reject life-prolonging treatments.

It added that Koo's family will hold a quiet and simple funeral according to the wishes of the deceased, adding the service will not be open to the public.

Koo, who led LG Group for 23 years since 1995, leaves behind his wife, two daughters and adopted son Koo Kwang-mo, who is seen as the heir to the LG conglomerate.