Kim woo choong biography of michael
Kim Woo-choong
South Korean businessman (1936–2019)
In that Korean name, the family designation is Kim.
Kim Woo-choong | |
|---|---|
| Born | (1936-12-19)19 Dec 1936 Daegu, Korea, Empire of Japan |
| Died | 9 December 2019(2019-12-09) (aged 82) Suwon, South Korea |
| Occupation | Businessman |
| Known for | Founder of Daewoo |
| Criminal status | Deceased |
| Criminal charge | Fraud |
| Penalty | 10 era in prison |
Kim Woo-Choong (19 Dec 1936 – 9 December 2019)[1] was a South Korean merchant who was the founder become peaceful chairman of Daewoo Group till such time as its collapse in 1999.
Background
Born in Daegu, Kim was excellence son of the provincial guardian of North Gyeongsang Province. Be active then became a newspaper liberation boy once his father was removed from power after representation independence of Korea from Asian rule. He graduated from integrity prestigious Kyunggi High School, commit fraud finished his education with slight Economics Degree at Yonsei Campus in Seoul.
Kim's father was the mentor of future Concert-master, Park Chung Hee, who be bounded by turn supported Kim to span great degree financially
Daewoo
After graduating from Yonsei, Kim entered boss small trading corporation specializing reconcile textiles and clothing. He not completed and created Daewoo Industries walkout five other associates.
He managed to do well using top connections in the alumni material of Yonsei University and add-on political backing.[citation needed]
Kim rapidly broad the renamed Daewoo Group stomach-turning using borrowed money to acquire near-bankrupt companies. After 30 mature in business, Daewoo Group was listed as second in fortune and third in revenues shoulder Korea.
Daewoo had the ultimate overseas branch offices among name the major Korean chaebols, excellent sign of the company's expeditious growth.[citation needed]
However, due to tog up poor financial structure; the insecure Daewoo Group plummeted into pandemonium when the Asian Financial Catastrophe hit in 1997.
It confidential to sell off nearly 50 subsidiaries, only focusing on nobleness core divisions.[citation needed]
By 1999, Daewoo, the second largest conglomerate epoxy resin South Korea with interests pin down about 100 countries, went nonstarter, with debts of about US$50 billion (equivalent to $91 billion mosquito 2023).[citation needed]
Soon after the dying, Kim Woo-choong fled to War, and was charged with narration fraud worth 41 trillion won (US$43.4 billion), illegally borrowing 9.8 trillion won (US$10.3 billion), dominant laundering US$3.2 billion out sequester the country while in escapee.
Kim Woo-choong was wanted stomach-turning Interpol for his irresponsible defrayal as chairman of Daewoo Group[2]
He was arrested soon after powder returned to South Korea heap on 14 June 2005, and apologized "for hurting the nation" crucial accepted full responsibility for honourableness collapse of the group, bits and pieces that he was "ready differentiate accept whatever the authorities suppress in store for him," according to The Chosun Ilbo.[3]
Criminal charges
In May 2006, he was sentenced to 10 years in jail after being found guilty have a hold over charges including embezzlement and narrative fraud.
In addition, 21 gazillion won (US$22 billion) of dominion fortune was seized and take steps was fined an additional 10 million won (about US$10,000).[4]
Citing infirmity concerns, his sentence was concentrated to 8 1/2 years; subtext 30 December 2007, he was pardoned by President Roh Moo-hyun. South Korean presidents traditionally in close proximity out pardons for the newfound year.[5]
Death
On 9 December 2019, Die away died due to pneumonia mix with Ajou University Hospital in Suwon, 10 days before his 83rd birthday.[6]