Chung is believed to have jumped from the 12th floor

Chung Mong-hun - chairman of the Hyundai Asan group - was found dead on Monday morning after falling from the 12th floor of his company headquarters in central Seoul.

His body was found by his secretary at about 0600 (2100 GMT), but police said he had probably jumped some hours before.

SUMMIT SCANDAL June 2000: Leaders from North and South Korea meet Nov 2000: S Korea's Kim Dae-jung wins Nobel Peace Prize Jan 2003: "Cash-for-summit" allegations over $500m payment to North 2003: Hyundai and government aides are criticised, and some charged

Mr Chung was indicted in June on false accounting charges, in connection with a scandal involving the transfer of $500m to North Korea, shortly before the historic North-South summit in 2000.

At the time the summit was hailed as a breakthrough which helped South Korea's then-president Kim Dae-jung to win the Nobel peace prize.

But it later came to light that the South's government appeared to have paid the North to take part.

Mr Chung left three hurriedly-written notes for his family and deputy chairman, before apparently jumping out of an open window to his death.

In the notes, he apologised for what he said was a "foolish act", and urged the company to continue its projects in North Korea.

In a statement, Hyundai Asan said Chung "felt sorry to the Korean people because of the allegations related to the payment of funds from the company to North Korea".

Tarnished by scandal

Mr Chung was a leading member of South Korea's richest and most celebrated business family - the fifth son of the legendary tycoon Chung Ju-young, whose Hyundai group helped transform the country into a major industrial power.

Hyundai Asan was the subsidiary branch responsible for investments and trade with North Korea.

South Korean President Roh Moo-hyun, who took office five months ago, praised Mr Chung's work in promoting ties with North Korea.

Mr Chung was head of the subsidiary that deals with N Korea

"Regardless of his death, I will try my best to advance current North-South Korea business projects, which must go forward without interruption," he was quoted as saying by presidential spokesman Yoon Tae-young.

Mr Chung, along with other senior members of Hyundai, had been in the spotlight following allegations that North Korea was bribed to attend the historic North-South summit in June 2000.

Hyundai said that the $400m it gave to North Korea was in payment for the company's monopoly rights to tourism and other projects in the impoverished communist state.

But an independent investigation found that $100m was transferred on behalf of the South Korean Government, to help ensure the historic meeting took place.

Mr Chung could have faced a jail term if found guilty.

Former government officials have also been indicted, but not former President Kim Dae-jung.

Hyundai has pioneered economic contacts with North Korea, and runs the only tourist trips across the demilitarised zone.

Mr Chung, a frequent visitor to the North himself, is said to have requested that his ashes be scattered at Mount Kumgang, a scenic Northern resort to which Hyundai operated ferry tours.

Shares of nearly all Hyundai units fell on news of the death, with investors jittery over the financial fallout for the firm.

Shares of Hyundai's shipping company sank 7%, while Hyundai Engineering and Construction dropped 5.4%.

The BBC correspondent in Seoul, Charles Scanlon, says that Mr Chung's suicide has raised doubts over Hyundai Asan's survival in its current form.

The incident is also likely to be a severe setback for attempts at inter-Korean economic cooperation, our correspondent says.