BusinessCompany NewsDaewoo founder jailed for ten years

Daewoo founder jailed for ten years

Kim Woo-choong found guilty of accounting fraud

Kim Woo-choong, the founder of South Korean carmaker Daewoo, has been
sentenced to 10 years in jail after having been found guilty of embezzlement and
accounting fraud.

The 69-year-old, who was on the run for six years, was ordered to pay 21
trillion won (£12bn) and was also fined 10m won (£5,600).

Daewoo collapsed in 1999 under debts of more than $80bn (£42bn) and Kim fled
the country, only returning in 2005.

At its height, Daewoo employed 320,000 people in 110 countries.

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