Kim Woo-jung
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| Kim Woo-jung | |
|---|---|
| Hangul: |
김우중
|
| Hanja: |
金宇中
|
| Revised Romanization: | Gim U-jung |
| McCune-Reischauer: | Kim U-jung |
Kim Woo Joong was the founder and former chairman of the Daewoo Group. Born in December 17th 1936, in Daegu, he was the son of the Provincial Governor. 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 manages to do well, and consecutively buys many different companies. It would not be wrong to say that Daewoo Group was originally built on companies that were bought. (mostly 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 made their mark (Hyundai, LG, Samsung).
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.
He was a newspaper delivery boy when he was a youngster, helping a family that almost depended on him during a brief period of time.
Kim was on the list for the Interpol when he was in exile, because of how he left Daewoo with all the insurmountable debt, to his employees etc... *Please note, the following is conjecture: That fact is now being disputed with credible sources saying that Kim had no wrong doing, it was the government's intention to punish an unloyal company that refused to take part in the "appeasement" policy with North Korea. The Kim Dae Jung administration has been heavily blamed for keeping Kim away from his country under the name "fugitive". His Korean passport expired, travels with his French passport. Still a fugitive from a democratically elected government.
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 [1]. In May 2006 he was sentenced to 10 years in jail after being was 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.[2]
