A billionaire scion of the Hyundai dynasty with an estimated worth of $1.2bn (£770m), Mr Chung was a FIFA vice-president for 17 years until losing his seat in 2011, and promised to return “common sense” to Zurich.
Speaking at a launch event in Paris, Mr Chung blamed FIFA’s problems squarely on outgoing president Sepp Blatter, accusing him of presiding over 40 years of corruption, and said his rival Michel Platini would continue the “closed” culture established by Blatter.
“The reason FIFA is so corrupt is that it has been run by the same person for 40 years,” Mr Chung said.
“Power corrupts, and absolute power corrupts absolutely. Even now FIFA executive committee members ask, ‘what is the problem’.”
Mr Chung said he first called for greater transparency and warned FIFA of the dangers of corruption in its commercial agreements in 1995, and said his prediction had come to pass.
FIFA has been in crisis since May when the US justice department indicted nine football officials, including two former FIFA vice-presidents, on corruption and racketeering charges.
Blatter announced he would step down as president four days after winning a fifth term as president, with the election due to take place on 26 February next year in Zurich.
Mr Chung joins Platini as the most experienced football official to declare their candidacy, but dismissed the UEFA president’s credentials.
“Michel Platini was a great player and is my good friend, but his problem is that he does not appreciate the seriousness of the crisis.”
Mr Chung said Platini and Blatter had enjoyed a “father-son” relationship and the Frenchman was incapable of changing the culture at FIFA.
Platini is due to launch his campaign at a press conference in Monaco next Friday.
Meanwhile FIFA has confirmed it is investigating a complaint from UEFA regarding an alleged smear campaign against Platini.