Kim Woo Choong, Chairman and founder of the Daewoo Group, was sentenced Tuesday to 10 years in prison and ordered to forfeit 21.4 trillion won ($22.6 Billion USD) for fines and fees.
One of the first feature-length articles I ever wrote was a piece for Automobile Magazine about the launch of Daewoo’s vehicles in the U.S. market. At the time, Chairman Kim was regarded as a legend in South Korea and while the company’s financials were murky at best, company men said openly that all the figures of the company were located “in Chairman Kim’s head.” They literally believed that the man was a god and a supercomputer all in one.
It would appear now that Chairman Kim’s head was $22.6 Billion off and then some. I met Chairman Kim once and he offered me a cigarette. Kim, babe, you’re going to need all the cigarettes you can get. Please send us your mailing address and we’ll send you a box of Kools (on us).
– Reilly Brennan
[…] Kim Woo-Choong, the founder of Daewoo, the Korean industrial conglomerate, was today sentenced to ten years in prison for fraud and embezzlement following the collapse of the business under $82 billion (£43.8bn) of debt in 1999. […]
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