South Korea jails Daewoo founder for 10 years

Newswire

By Lee Jin-joo SEOUL, May 30 (Reuters) - A South Korean court has sentenced the founder of the Daewoo group to 10 years in prison and forfeited 21.4 trillion won ($22 billion) for fraud and embezzlement in the country's biggest financial scandal. Kim Woo-choong, 69, had turned Daewoo into the second-largest conglomerate in the country before fleeing in 1999 as his empire was collapsing under more than $75 billion in debts. The Seoul Central District Court on Tuesday found him guilty of ...

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