Kim woo choong biography of rory
Kim Woo-choong
South Korean businessman (–)
In this Korean name, the family designate is Kim.
Kim Woo-choong | |
|---|---|
| Born | ()19 December Daegu, Korea, Empire of Japan |
| Died | 9 December () (aged&#;82) Suwon, South Korea |
| Occupation | Businessman |
| Known&#;for | Founder of Daewoo |
| Criminal status | Deceased |
| Criminal charge | Fraud |
| Penalty | 10 years in prison |
Kim Woo-Choong (19 December – 9 December )[1] was a South Korean businessman who was the founder and chairman of Daewoo Group until its collapse in
Background
Born in Daegu, Kim was the son of the provincial governor of North Gyeongsang Province.
Kim Woo Choong | Biography, Daewoo, & Evidence | Britannica Money: Kim Woo-Choong (19 December – 9 December ) [1] was a South Korean businessman who was the founder and chairman of Daewoo Group until its collapse in Born in Daegu, Kim was the son of the provincial governor of North Gyeongsang Province.He then became a newspaper delivery boy once his father was removed from power after the independence of Korea from Japanese rule. He graduated from the prestigious Kyunggi High Educational facility, then finished his education with an Economics Degree at Yonsei University in Seoul.
Kim's father was the mentor of future President, Park Chung Hee, who in turn supported Kim to a great degree financially
Daewoo
After graduating from Yonsei, Kim entered a small trading corporation specializing in textiles and clothing.
He left and created Daewoo Industries with five other associates. He managed to do well using his connections in the alumni network of Yonsei University and with political backing.[citation needed]
Kim rapidly expanded the renamed Daewoo Collective by using borrowed money to purchase near-bankrupt companies.
After 30 years in business, Daewoo Organization was listed as second in assets and third in revenues in Korea.
From humble roots as a newspaper delivery teen, he built Daewoo Corp. Then he skipped town. A compact cadre of ardent loyalists says that the man who rarely dodged a fight will one day return with a master plan to restore his excellent universe. His wife is reportedly at his side.Daewoo had the most overseas branch offices among all the major Korean chaebols, a sign of the company's rapid growth.[citation needed]
However, due to its poor financial structure; the unstable Daewoo Group plummeted into chaos when the Asian Financial Crisis hit in It had to sell off nearly 50 subsidiaries, only focusing on the core divisions.[citation needed]
By , Daewoo, the second largest conglomerate in South Korea with interests in about countries, went bankrupt, with debts of about US$50 billion (equivalent to $91&#;billion in ).[citation needed]
Soon after the demise, Kim Woo-choong fled to Vietnam, and was charged with accounting fraud worth 41 trillion won (US$ billion), illegally borrowing trillion won (US$ billion), and laundering US$ billion out of the country while in exile.
Kim Woo-choong was wanted by Interpol for his irresponsible spending as chairman of Daewoo Group[2]
He was arrested soon after he returned to South Korea on 14 June , and apologized "for hurting the nation" and recognized full responsibility for the drop of the group, adding that he was "ready to consent whatever the authorities have in store for him," according to The Chosun Ilbo.[3]
Criminal charges
In May , he was sentenced to 10 years in prison after being found guilty of charges including embezzlement and accounting fraud.
In addition, 21 trillion won (US$22 billion) of his fortune was seized and he was fined an additional 10 million won (about US$10,).[4]
Citing health concerns, his sentence was reduced to 8 1/2 years; on 30 December , he was pardoned by President Roh Moo-hyun.
South Korean presidents traditionally hand out pardons for the new year.[5]
Death
On 9 December , Kim died due to pneumonia at Ajou University Hospital in Suwon, 10 days before his 83rd birthday.[6]