Jan.14 (GMM) Barely a month after he collected the FIA prize for the best promoter of 2010, the Korean grand prix's Yung Cho Chung has been ousted.

During a board meeting on Friday, the inaugural event's chief organiser was accused of lax management and dismissed, the Yonhap news agency revealed.

F1 insiders were surprised in December when Korea was awarded the prize for the best event of last year, following late construction of the Yeongham circuit and widespread tales of sub-standard utilities and accommodation.

Yonhap reported that two other senior executives were also fired during the emergency shareholders meeting of Korea Auto Valley Operation (KAVO).

Park Won-Hwa, the former South Korean ambassador to Switzerland, has reportedly been named Chung's replacement.

Promoter KAVO, a joint public and private venture, was not available for comment.

South Korea's race contract extends for at least six more years but KAVO launched an investigation after the inaugural event last October when flaws in the organisation became apparent.

"Investors felt that KAVO's management under Chung couldn't guarantee success this year," an unnamed official said on Friday.

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