Cho Hyun-moon, second son of the late Hyosung Group Honorary Chairman Cho Suk-rai, speaks during a press conference at Sparkplus in Seoul, Friday. Yonhap

Cho Hyun-moon, the second son of the late Hyosung Group Honorary Chairman Cho Suck-rai, who has been estranged from his family after a long sibling feud, said Friday that he will donate his inheritance to society.

"I will not keep a penny of (my inheritance) for myself but will contribute it to establish a public welfare foundation," the former vice president of Hyosung said during a press conference in Seoul.

"By not coveting the inherited property and contributing the entire amount to establish a public welfare foundation, I aim to set a precedent for serving the nation and society. I believe that other co-heirs will cooperate in establishing this foundation," he added.

The former vice president has been in conflict with his siblings for a decade since he accused his older brother, Hyosung Group Chairman Cho Hyun-joon, and several other group executives in 2014 of embezzlement and breach of trust.

In response, the chairman also filed a counter-complaint in 2017, claiming his younger brother had threatened him.

Since then, Cho Hyun-moon has liquidated his Hyosung shares, stepped down from management, cut ties with his family and has been running a business while living in Singapore.

The late Hyosung Group honorary chairman, who died in March, left a will urging reconciliation among his three sons, who had been feuding. It was also reported that he decided to leave property exceeding the minimum inheritance share to his estranged second son.

In his will, the honorary chairman pleaded, "The bond between parents and siblings is celestial. No matter what happens, please maintain brotherly affection."

Cho Hyun-joon, left, chairman of Hyosung Group and the eldest son of the group's late honorary chairman, and the third son Cho Hyun-sang, vice chairman of HS Hyosung. / Courtesy of Hyosung Group

"I want to end the conflict between brothers and reconcile in accordance with my late father's wishes. I intend to forgive and not raise issues about the various unfair things that have happened to me so far," the former vice president told reporters.

The former vice president requested cooperation from his older brother, the Hyosung Group chairman, and his younger brother Cho Hyun-sang, the vice chairman of HS Hyosung, one of the two holding companies of the group, saying that their consent is necessary for property inheritance and the foundation's establishment. He asked for help in disposing of his inherited shares in Hyosung Group affiliates.

"My greatest wish is to be 100 percent free from Hyosung. I ask my brothers and Hyosung to cooperate in my separation from the group," he said.

"I think it is also my late father's wish that I no longer be entangled with Hyosung Group as an especially related person and that the three brothers manage independently, especially given that Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang are already proceeding with their separation," he further mentioned, adding that he has no interest in the management rights of Hyosung Group.