SEOUL, March 1 — South Korean billionaire Kim Jung-ju, the founder of gaming giant Nexon, has died, local reports said today. He was 54.

The businessman, who according to Forbes was the world’s 228th richest person and worth around US$9.5 billion (RM39 billion), died in the United States late last month, Yonhap news agency reported citing Nexon’s holding company NXC Corp.

NXC told Yonhap that Kim had been receiving treatment for depression and his condition "seemed to have worsened” recently. The cause of death was not given.

The company did not immediately respond to AFP’s request for comment.

A graduate of South Korea’s prestigious Seoul National University, Kim founded Nexon in 1994. 

The firm swiftly rose to prominence after launching the world’s first online multiplayer game, The Kingdom of the Winds, in 1996.

The game pioneered the so-called "freemium” business model where users play the games for free but are charged for premium content and items.

Nexon has since established itself as a leading gaming firm with hit titles including Mabinogi, MapleStory and Kart Rider.

The billionaire was indicted in 2016 for offering bribes to a prosecutor, but was eventually acquitted two years later. — AFP