Yu Kyung-sun, the chairman of local business group Eugene Corporation, offered to resign on Monday after a probe into allegations of embezzlement and tax invasion by senior executives at retailer Hi-Mart Co Ltd, in which Eugene Corp is a major shareholder.
"The resignation has not been accepted yet," a spokesman at the South Korean Olympic committee said.
Yu, 56, visited London as leader of the delegation earlier this month, according to local media. He has also been acting as an organising member of the 2014 Incheon Asian Games and 2018 Pyeongchang Winter Olympics.
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