Daewoo founder sentenced to prison term
By Bo-Mi Lim, Associated Press WriterDaewoo U.S. was a screwed up company from the git-go (before GM bought the automotive division, the parent company was in debt to the tune of $50 billion) but I had great fun working with Daewoo executives in Compton, CA who tried their best to execute the nutty directives emanating from Seoul and from Chairman Kim.
SEOUL, South Korea (AP) -- A Seoul court on Tuesday sentenced the founder and former chairman of collapsed conglomerate Daewoo to 10 years in prison for a range of charges including embezzlement and accounting fraud.
The Seoul Central District Court said it also ordered Kim Woo-choong, 69, to forfeit more than 21 trillion won ($22 billion) and pay a fine of 10 million won ($10,600). Kim was indicted in June last year on charges of multi-trillion won accounting fraud, illegal financing and diverting funds out of the country. He was also accused of embezzlement and breach of trust.
Fond memories. Disheartening story. Important lessons learned.