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South Korean 2018 Olympic chief quits over company trouble

The business tycoon who led South Korea's organizing committee for the 2018 Winter Olympics quit on Tuesday amid escalating financial troubles at the business group his family controls.

In a statement confirming Cho Yang-ho's resignation, the second change in less than two years at the helm of the local organizing committee, Pyeongchang 2018 credited its outgoing president with getting preparations back on track and "managing critical issues" such as delayed venue construction, disputes over the location of the Olympic stadium and sponsorship.

Cho is chairman of the Hanjin Group, which controls Olympic sponsor Korean Air and a major shipping company struggling with...

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