Lloyd_E
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World Press:
The man who rose from a salesman to become an icon of South Korea's industrial success will spend a decade in jail and forfeit $21 billion US for his financial crimes, a Seoul court ruled Tuesday.
Kim Woo-choong leaves the court in Seoul after being sentenced. He was found guilty of accounting fraud, illegal financing, embezzlement, breach of trust and diverting money out of South Korea. (Yonhap, Ahn Jung-hwan/AP)
Kim Woo-choong, 70, founded and built the Daewoo Group into Korea's second-largest conglomerate, with interests in auto manufacturing, finance, electronics, telecommunications, construction and other businesses.
But Kim fled the country for France in 1999 as Daewoo collapsed under the stress of the Asian meltdown in 1997-98. He returned to Korea in 2005 to face charges of accounting fraud, illegal financing, embezzlement, breach of trust and diverting money out of the country.
Judge Noh Yu-kyong of the Seoul Central District Court found him guilty, saying Kim contributed to Daewoo's bankruptcy, disregarded corporate ethics and damaged Korea's image. "It is doubtful whether [Kim] is truly repentant as he tries to dodge the responsibility and justify his actions," the ruling said.
Kim will not start serving his sentence until July 28 because of his age and poor health. He was returned to hospital after the court hearing.
His lawyers said they will appeal because the court had failed to recognize his contributions to Korea.
The financial collapse of the late 1990s forced the South Korean government to take $58 billion US from the International Monetary Fund, a blow to the country's prestige.
Daewoo was broken up and parts were sold, a process that continues. On Tuesday, Reuters reported that eight companies made bids to buy Daewoo Electronics, taken over by creditors when the parent failed.
General Motors bought a major stake in Daewoo Motor, now called GM Daewoo.
The man who rose from a salesman to become an icon of South Korea's industrial success will spend a decade in jail and forfeit $21 billion US for his financial crimes, a Seoul court ruled Tuesday.
Kim Woo-choong leaves the court in Seoul after being sentenced. He was found guilty of accounting fraud, illegal financing, embezzlement, breach of trust and diverting money out of South Korea. (Yonhap, Ahn Jung-hwan/AP)
Kim Woo-choong, 70, founded and built the Daewoo Group into Korea's second-largest conglomerate, with interests in auto manufacturing, finance, electronics, telecommunications, construction and other businesses.
But Kim fled the country for France in 1999 as Daewoo collapsed under the stress of the Asian meltdown in 1997-98. He returned to Korea in 2005 to face charges of accounting fraud, illegal financing, embezzlement, breach of trust and diverting money out of the country.
Judge Noh Yu-kyong of the Seoul Central District Court found him guilty, saying Kim contributed to Daewoo's bankruptcy, disregarded corporate ethics and damaged Korea's image. "It is doubtful whether [Kim] is truly repentant as he tries to dodge the responsibility and justify his actions," the ruling said.
Kim will not start serving his sentence until July 28 because of his age and poor health. He was returned to hospital after the court hearing.
His lawyers said they will appeal because the court had failed to recognize his contributions to Korea.
The financial collapse of the late 1990s forced the South Korean government to take $58 billion US from the International Monetary Fund, a blow to the country's prestige.
Daewoo was broken up and parts were sold, a process that continues. On Tuesday, Reuters reported that eight companies made bids to buy Daewoo Electronics, taken over by creditors when the parent failed.
General Motors bought a major stake in Daewoo Motor, now called GM Daewoo.