Connect with us

Foreign

Former Daewoo boss, Choong, dies at 82

Published

on

The Daewoosky Institute, reported on its website on Tuesday that Kim Woo Choong, the former leader of South Korea’s, second largest conglomerate Daewoo, has died as a result of a chronic illness.

The Daewoosky Institute, an organisation for former employees and managers reported that Kim, who was once considered South Korea’s flagship manager, died at the age of 82.

Kim had laid the foundation for his economic empire in 1967 with $5,000 and a small textile company.

He was sentenced to 10 years in prison in May 2006 for embezzlement, accounting fraud and other offences.

He had surrendered to the authorities after six years on the run.

In November 2006, an appeal court reduced the sentence to 8.5 years.

As part of a special amnesty, Kim’s prison term was suspended in late 2006 because of his poor health and was pardoned at the end of 2007.

The history of the Daewoo Group and the entrepreneurial biography of its former boss are symbolic of the rapid economic rise of South Korea but also of its unrestrained expansion drive.

The group collapsed in the late 1990s under a debt of about $80 billion.

The country’s second-largest conglomerate at the time had more than 40 affiliates, ranging from cars, electrical goods and household appliances to ships.

The group was later broken up.

Edited by: Hadiza Mohammed/Abdulfatah Babatunde
(NAN)

Contact US: editor@nnn.com.ng, nnnnews247@gmail.com

Recent Posts

January 2020
M T W T F S S
« Dec    
 12345
6789101112
13141516171819
20212223242526
2728293031  

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor@nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor@nnn.com.ng