From a newspaper boy to the Chairman of Daewoo Group, his career was ruined when the group collapsed due to the crisis, Kim Woo-choong became a criminal and was imprisoned. After serving his sentence, at the age of 71, he still bravely thought of a way to restore the glory days of the past. Whether his plan will come true or not, his life and career are a valuable lesson in perseverance.
Yesterday was a good day
Born in 1936 in Daegu, Mr. Kim was a boy who sold newspapers to earn money for his family.
After graduating from Yonsei University, he started a small family business, then moved into the textile and garment business. He then founded Daewoo with only 5 partners. Using his existing relationships and experience, he was very successful.
At the time, Mr. Kim was seen as a magician who could turn near-bankrupt companies into money-making machines.
In the 1990s, with a 30-year history, Daewoo Group was ranked 2nd in total assets and 3rd in profits. However, the group suddenly collapsed due to the impact of the Asian financial crisis in 1997. The group had to sell about 50 subsidiaries, mainly large companies.
The Daewoo Group collapsed in 1999 with debts of about $82 billion, forcing the government to take steps to save some of its subsidiaries. Mr. Kim fled to exile after being accused of asking his subordinates to lie to get the loans.
He was on Interpol's wanted list and charged with money laundering overseas. He did not return to his homeland until June 2005 to serve his sentence.
He was arrested shortly thereafter and sentenced to eight and a half years in prison in 2006 for embezzlement and accounting fraud. As part of the sentence, he was ordered to repay $18.2 billion and a fine of 10 million won. But a month later, he received a special pardon from former South Korean President Cheong Wa-Dae due to poor health.
Will the sky be bright tomorrow?
Despite these misdeeds, Mr. Kim’s management empire is still considered 10 years ahead of other major Korean conglomerates. Former Daewoo employees today still have their own reputations that are unmatched.
Former Daewoo employees, including Kim's relatives who have received special government favors, are gathering together. But Kim and his cronies have a lot of work to do if they want to restore the Daewoo of the past. According to information from Kim's friends, he will fly to Vietnam to do some work to restore his reputation and continue some management work. After that, he will participate in some development projects in a Southeast Asian country.
Lamgiauonline
