Kim Woo-choong
This article needs additional citations for verification. (December 2019) |
Kim Woo-choong | |
---|---|
Born | |
Died | 9 December 2019 | (aged 82)
Nationality | Korean |
Occupation | Businessman |
Known for | Founder of Daewoo |
Criminal status | Deceased |
Criminal charge | Fraud |
Penalty | 10 years in prison |
Kim Woo-choong | |
Hangul | |
---|---|
Hanja | |
Revised Romanization | Gim U-Jung |
McCune–Reischauer | Kim U-Chung |
Kim Woo-Choong (19 December 1936 – 9 December 2019)[1] was a South Korean businessman who was the founder and chairman of Daewoo Group until its collapse in 1999.
Background
Born 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. He graduated from the prestigious Kyunggi High School, then finished with an Economics Degree at Yonsei University in Seoul. His father was the teacher or mentor of future President, Park Chung Hee, who in turn supported Kim to a great degree both financially and business-wise.
Daewoo
After graduating from Yonsei, he entered a small trading corporation specializing in textiles and clothing. He left and created Daewoo Industries with five other associates. Using his connections in the alumni of the Yonsei and with political backing, he managed to do well, and consecutively bought many different companies. Daewoo Group was originally built on companies that were bought, often distressed companies. Kim was successful in transforming near-bankrupt companies into successful enterprises. By the 1990s, with a history of some 30 years, Daewoo Group was listed as second in assets and third in revenues in Korea. This rapid growth was remarkable in comparison to how the other two of the Big 3 Korean companies, (Hyundai, LG, Samsung), made their mark.
However, due to its rather hollow financial structure, even though it had the most overseas branch offices, when the Asian Financial Crisis hit in 1997, 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 of Interpol when he was in exile, partly because of how he left Daewoo with the insurmountable debt, to his employees.
He was arrested soon after he returned to South Korea on 14 June 2005, and apologized "for hurting the nation" and accepted full responsibility for the collapse of the group, adding that he was "ready to accept whatever the authorities have in store for him," according to the Chosun Ilbo.[2]
Criminal charges
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 USD) of his fortune was seized and he was fined an additional 10 million won (about $10,000 USD).[3]
Citing health concerns, his sentence was reduced to 8 and 1/2 years; then on 30 December 2007, he was pardoned by President Roh Moo-hyun. South Korean presidents traditionally hand out pardons for the new year.[4]
Death
On December 9, 2019, Kim died due to pneumonia at Ajou University Hospital in Suwon, 10 days before his 83rd birthday.[5]
See also
References
- ^ "(LEAD) Former Daewoo Group Chairman Kim Woo-choong dies at age 82". 10 December 2019.
- ^ "Kim Woo-choong Must Prove He Is Sincere". english.chosun.com. The Chosun Ilbo. 2005-01-14. Archived from the original on 2005-06-17.
- ^ "Daewoo boss gets 10 years in jail". 30 May 2006 – via news.bbc.co.uk.
- ^ Herskovitz, Jon; Lee, Jin-joo (2007-12-31). "S.Korea pardons Daewoo founder, death-row inmates". Reuters.
- ^ Sang-Hun, Choe (11 December 2019). "Kim Woo-choong, Who Strove to Be 'Automotive Genghis Khan,' Dies at 82". The New York Times. Retrieved 5 December 2020.
- 1936 births
- 2019 deaths
- People from Daegu
- 20th-century South Korean businesspeople
- Yonsei University alumni
- South Korean Roman Catholics
- South Korean founders of automobile manufacturers
- Recipients of the Legion of Honour
- South Korean fraudsters
- Recipients of South Korean presidential pardons
- South Korean football executives
- South Korean football chairmen and investors
- Gwangsan Kim clan
- People convicted of embezzlement