Daewoo founder Kim Woo Choong Jailed for 10 Years

Daewoo founder Kim Woo Choong Jailed for 10 Years

The founder of the Daewoo group Kim Woo Choong who surrendered to South Korean authorities after six years on the run has been sentenced to 10 years in prison.

He has been found guilty in the 40 trillion won ($42 billion) fraud case, which resulted in the collapse of the Daewoo group.

Choong would however stay in hospital till the time he recovers from his illnesses including heart disease.

The court has also ordered him to forfeit 21.4 trillion won. This ruling completes the investigation in the South Korea’s biggest fraud case.

This judgment is being seen as the warning to the corporations in the country as the government is stepping up its efforts to clean up the mess in the corporate sector.

Interestingly, we just recently saw the government arresting the chairman of the Hyundai Motor group Chung Mong Koo who is also accused of embezzlement and bribery.