The founder of the South Korean conglomerate Lotte Group and last surviving founder of the country's five giant family-run companies Shin Kyuk-ho has passed away at the age of 98. The billionaire business tycoon died on Sunday in Seoul, leaving his multibillion-dollar empire to his heirs.

The death of Shin over the weekend marks the official end of an era involving the reign of the original founders of the five family-run conglomerates that dominate the country's economy. Shin was the last surviving founder of the five South Korean giants, which included companies such as LG, Hyundai, Samsung, and SK.

Similar to the other founders, Shin had started out with humble beginnings. Born in 1921 in the southeastern city of Ulsan, Shin originally began his work life in Japan. Shin started out delivering newspapers and milk, eventually working his way up to establish an oil production company by 1944. His business was literally wiped out when the bombs fell in World War II.

Shin used what little he had to build a confectionery company in 1948, taking advantage of how popular chewing gums had become with US soldiers stationed in Japan. Shin eventually brought the business back home, establishing the Lotte Confectionary Company in 1967.

In the years that followed, Shin transformed the chewing gum business into a sprawling corporate empire involved in industries such as retail, theme parks, construction, and hotels. The company quickly became one of the country's largest family-run businesses, locally called "chaebols." The company managed to amass billions of dollars worth of assets, including a professional baseball team, a hotel in Madison Avenue, and South Korea's tallest building called the Lotte World Tower.

Like the other family-run conglomerates, Lotte had also been the subject of massive scandals involving the in fighting of family members. In 2015, Shin's sons were involved in a corporate feud over the control of the company. This attracted the attention of prosecutors and internal allegations of corruption. In 2017, Shin and his sons, along with other family members, were charged with embezzlement, tax evasion, and illegal business dealing. Shin was sentenced to four years in prison, but prosecutors allowed him to remain free due to his age. Shin was 95 years old when he was convicted.

Despite his involvement in the scandal, Shin is still regarded by the South Korean business community as a pioneer that helped rebuild the country after the war. The Federation of Korean Industries released a statement after Shin's death, praising Shin's dedication in helping South Korea recover from the war. The group added that Shin was instrumental in laying the foundation that has made South Korea what it is today.