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Kim Woo-choong

From Wikipedia, the free encyclopedia
In this Korean name, the family name is Kim.
Kim Woo-choong
김우중
Born(1936-12-19)19 December 1936
Daegu, Korea, Empire of Japan
Died9 December 2019(2019-12-09) (aged 82)
Suwon, South Korea
OccupationBusinessman
Known forFounder of Daewoo
Criminal statusDeceased
Criminal chargeFraud
Penalty10 years in prison
Kim Woo-choong
Hangul
김우중
Hanja
金宇中
Revised RomanizationGim Ujung
McCune–ReischauerKim Ujung

Kim Woo-Choong (Korean: 김우중;19 December 1936 – 9 December 2019)[1][2] was a South Korean businessman who was the founder and chairman of Daewoo Group until its collapse in 1999.

Early life and education

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Born in Daegu,[3] Kim is the son of a former school teacher-turned provincial governor of North Gyeongsang Province, who was kidnapped and taken to North Korea while Kim was a teenager. Kim became a newspaper delivery boy and sold various items.[1] Kim's father was a mentor of South Korean president Park Chung Hee, who eventually supported Kim.[4]

Kim graduated from Kyunggi High School, then finished his education with a Bachelor of Economics at Yonsei University in Seoul.[5]

Career

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In 1967, Kim began a small textiles trading corporation with five other associates.[1] Kim rapidly expanded the renamed Daewoo Group by using borrowed money to purchase near-bankrupt companies. By the 1980s, Daewoo ranked as the third-largest chaebol.[6]

By the 1990s, Daewoo ranked second largest in assets and third in revenues.[7] However, due to its poor financial structure; Daewoo plummeted into chaos when the Asian Financial Crisis hit in 1997. It sold off nearly 50 subsidiaries.[7]

By 1999, Daewoo, the second largest conglomerate in South Korea with interests in about 100 countries, went bankrupt, with debts of about US$50 billion at the time.[8] Kim fled to Vietnam, and was charged with accounting fraud worth 41 trillion won (US$43.4 billion), illegally borrowing 9.8 trillion won (US$10.3 billion), and laundering US$3.2 billion out of the country while in exile. He was wanted by Interpol for his irresponsible spending as chairman of Daewoo.[9]

Kim 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.[10]

Criminal charges

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In May 2006, he was sentenced to 10 years in prison after being found guilty of charges including embezzlement and accounting fraud. In addition, 21 trillion won (US$22 billion) of his fortune was seized and he was fined an additional 10 million won (about US$10,000).[11]

Citing health concerns, his sentence was reduced to 8 1/2 years; on 30 December 2007, he was pardoned by President Roh Moo-hyun. South Korean presidents traditionally hand out pardons for the new year.[12]

Death

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On 9 December 2019, Kim died due to pneumonia at Ajou University Hospital in Suwon, 10 days before his 83rd birthday.[1]

References

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  1. ^ a b c d 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.
  2. ^ "Kim Woo-choong, South Korean tycoon who built up the Daewoo industrial empire but ended his career in disgrace – obituary". The Telegraph. 2019-12-11. ISSN 0307-1235. Retrieved 2025-04-12.
  3. ^ Kim, Jaewon (10 December 2019). "Former Daewoo Chairman Kim Woo-choong dies at 83". Nikkei Asia. Retrieved 2025-04-12.
  4. ^ Kirk, Donald. "Kim Woo-Choong, Onetime Icon Of Korean 'Miracle,' Dies At 82". Forbes. Retrieved 2025-04-12.
  5. ^ Magnier, Mark (2001-05-05). "The Epic Fall of a S. Korean Colossus". Los Angeles Times. Retrieved 2025-04-12.
  6. ^ Sull, Donald; Park, Choelsoon; Kim, Seonghoon (June 2004). Samsung and Daewoo: Two Tales of One City (PDF). Harvard Business School.{{cite book}}: CS1 maint: date and year (link)
  7. ^ a b Jin, Ryu (1 January 2008). "Will Daewoo Founder Make Comeback?". The Korea Times. Retrieved 12 April 2025.
  8. ^ Kirk, Don (1999-07-22). "Group's Collapse Would Be a Setback for South Korean Economy : For Daewoo, a Struggle for Survival". The New York Times. ISSN 0362-4331. Retrieved 2025-04-12.
  9. ^ "Daewoo founder Kim gets 10-yr term". CNN. 30 May 2006. Archived from the original on April 8, 2008. Retrieved 2008-11-20.
  10. ^ "Kim Woo-choong Must Prove He Is Sincere". The Chosun Ilbo. 2005-01-14. Archived from the original on 2005-06-17.
  11. ^ "Daewoo boss gets 10 years in jail". 30 May 2006 – via news.bbc.co.uk.
  12. ^ Herskovitz, Jon; Lee, Jin-joo (2007-12-31). "S.Korea pardons Daewoo founder, death-row inmates". Reuters.
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