05/03/2016 01:26 EDT | Updated 05/04/2017 01:12 EDT

South Korean 2018 Olympic chief quits over company trouble

SEOUL, Korea, Republic Of — South Korea's chief organizer for the 2018 Winter Olympic Games has quit amid escalating financial troubles at the business group his family controls.

An official from Seoul's Ministry of Culture, Sports and Tourism on Tuesday said Cho Yang-ho's resignation had been accepted. Cho is chairman of the Hanjin Group which controls Olympic sponsor Korean Air and a major shipping company and has been struggling with heavy debt.

Cho took the job as the president of Pyeongchang's organizing committee in July 2014.

The Associated Press