Kim Woo-jung
Encyclopedia
Kim Woo-choong was the founder and chairman of the Daewoo Group
. Born on December 17, 1936, in Daegu
, he was the son of the Provincial Governor.
He was a newspaper delivery boy when he was a youngster, helping a family that depended almost solely on him during a brief period of time. He graduated from the prestigious Kyonggi High School, then finished with an Economics Degree in Yonsei University
in Seoul
. His father was the teacher or mentor of Former President, Park Chung Hee, who in turn supported Kim to a great degree both financially and business-wise.
After graduating from Yonsei, he entered into a small trading corporation, later specialising in textiles and clothing. He broke off and created Daewoo Industries with 5 people as his associates. Using his connections in both alumni of the Yonsei and political backing, he managed to do well, and consecutively bought many different companies. It would not be wrong to say that Daewoo Group was originally built on companies that were bought (most heavily in trouble). Kim was a magician in turning near-bankrupt companies into successive cash machines. With a company that had a history of 30 years, by the 90s, Daewoo Group was listed Number 2 on assets, Number 3 on revenues, an unbelievable achievement for anybody with knowledge of how the other Big 3 Korean companies, (Hyundai
, LG
, Samsung
), made their mark.
But due to its rather hollow financial structure, even though it had the most Overseas Branch offices, when the Asian Financial Crisis came about, the unstable Daewoo Group plummeted. It had to sell off nearly 50 division corporations, only focusing on the major companies.
Kim was on the list for the Interpol
when he was in exile, because of how he left Daewoo with the insurmountable debt, to his employees etc...
He was arrested soon after he returned to South Korea on June 14, 2005, and apologized "for hurting the nation and accepted full responsibility for the collapse of the group, adding he is ready to accept whatever the authorities have in store for him," according to the Chosun Ilbo http://english.chosun.com/w21data/html/news/200506/200506140028.html. In May 2006 he was sentenced to 10 years in jail after being found guilty of charges including embezzlement and accounting fraud. 21 trillion won ($22bn) of his fortune was seized and he was fined an additional 10m won.http://news.bbc.co.uk/2/hi/business/5028708.stm
On 30 December 2007, he was granted amnesty by President Roh Moo-hyun. (South Korean presidents traditionally hand out pardons for the new year.)
Daewoo
Daewoo or the Daewoo Group was a major South Korean chaebol . It was founded on 22 March 1967 as Daewoo Industrial and was dismantled by the Korean government in 1999...
. Born on December 17, 1936, in Daegu
Daegu
Daegu , also known as Taegu, and officially the Daegu Metropolitan City, is a city in South Korea, the fourth largest after Seoul, Busan, and Incheon, and the third largest metropolitan area in the country with over 2.5 million residents. The city is the capital and principal city of the...
, he was the son of the Provincial Governor.
He was a newspaper delivery boy when he was a youngster, helping a family that depended almost solely on him during a brief period of time. He graduated from the prestigious Kyonggi High School, then finished with an Economics Degree in Yonsei University
Yonsei University
Yonsei University is a Christian private research university, located in Seoul, South Korea. Established in 1885, it is one of the oldest universities in South Korea, the top private comprehensive universities in South Korea, and is widely regarded as one of the top three comprehensive...
in Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
. His father was the teacher or mentor of Former President, Park Chung Hee, who in turn supported Kim to a great degree both financially and business-wise.
After graduating from Yonsei, he entered into a small trading corporation, later specialising in textiles and clothing. He broke off and created Daewoo Industries with 5 people as his associates. Using his connections in both alumni of the Yonsei and political backing, he managed to do well, and consecutively bought many different companies. It would not be wrong to say that Daewoo Group was originally built on companies that were bought (most heavily in trouble). Kim was a magician in turning near-bankrupt companies into successive cash machines. With a company that had a history of 30 years, by the 90s, Daewoo Group was listed Number 2 on assets, Number 3 on revenues, an unbelievable achievement for anybody with knowledge of how the other Big 3 Korean companies, (Hyundai
Hyundai
Hyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
, LG
LG
LG may refer to:*LG Corp., a South Korean electronics and petrochemicals conglomerate*LG Electronics, an affiliate of the South Korean LG Group which produces electronic products* Lawrence Graham, a London headquartered firm of business lawyers...
, Samsung
Samsung
The Samsung Group is a South Korean multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea...
), made their mark.
But due to its rather hollow financial structure, even though it had the most Overseas Branch offices, when the Asian Financial Crisis came about, the unstable Daewoo Group plummeted. It had to sell off nearly 50 division corporations, only focusing on the major companies.
Kim was on the list for the Interpol
Interpol
Interpol, whose full name is the International Criminal Police Organization – INTERPOL, is an organization facilitating international police cooperation...
when he was in exile, because of how he left Daewoo with the insurmountable debt, to his employees etc...
He was arrested soon after he returned to South Korea on June 14, 2005, and apologized "for hurting the nation and accepted full responsibility for the collapse of the group, adding he is ready to accept whatever the authorities have in store for him," according to the Chosun Ilbo http://english.chosun.com/w21data/html/news/200506/200506140028.html. In May 2006 he was sentenced to 10 years in jail after being found guilty of charges including embezzlement and accounting fraud. 21 trillion won ($22bn) of his fortune was seized and he was fined an additional 10m won.http://news.bbc.co.uk/2/hi/business/5028708.stm
On 30 December 2007, he was granted amnesty by President Roh Moo-hyun. (South Korean presidents traditionally hand out pardons for the new year.)
See also
- Economy of South KoreaEconomy of South KoreaSouth Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity , identifying it as one of the G-20 major economies. It is a high-income developed country, with a developed market, and is a member of OECD...
- List of Korea-related topics
- List of Koreans