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Daewoo Dissolution And Corruption Scandal
The Daewoo dissolution and corruption scandal was a 1999-2006 scandal in South Korea involving the bankruptcy of Daewoo, then-country's second largest company, and a subsequent corruption investigation, involving arrests, escapes and eventual conviction of dozens of company's top executives. The resulting scandal has been described as one of the biggest scandals in South Korea. Background Daewoo was a major South Korean conglomerate. Prior to the Asian financial crisis, Daewoo was the second largest conglomerate in Korea. By 1999, Daewoo went bankrupt, with debts of about US$50-80 billion. Corruption scandal Soon after the demise, South Korean prosecutors filed charges against over 40 top executives, in what BBC described as the Daewoo corruption scandal. This was related to the discovery that company's auditors concealed the amount of debt, and that bribes of about 470 billion won were involved (close to US$400 million). Loss from bribery and corruption has been estimated to over ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed by the Yellow Sea, while its eastern border is defined by the Sea of Japan. South Korea claims to be the sole legitimate government of the entire peninsula and List of islands of South Korea, adjacent islands. It has a Demographics of South Korea, population of 51.75 million, of which roughly half live in the Seoul Capital Area, the List of metropolitan areas by population, fourth most populous metropolitan area in the world. Other major cities include Incheon, Busan, and Daegu. The Korean Peninsula was inhabited as early as the Lower Paleolithic period. Its Gojoseon, first kingdom was noted in Chinese records in the early 7th century BCE. Following the unification of the Three Kingdoms of Korea into Unified Silla, Silla and Balhae in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daewoo
Daewoo ( ; Hangul: , Hanja: , ; literally "great universe" and a portmanteau of "dae" meaning great, and the given name of founder and chairman Kim Woo-choong) also known as the Daewoo Group, was a major South Korean chaebol (type of conglomerate) and automobile manufacturer. It was founded on 22 March 1967 as Daewoo Industrial and was declared bankrupt on 1 November 1999, with debts of about US$50 billion (equivalent to $ billion in ). Prior to the 1997 Asian financial crisis, Daewoo was the second largest conglomerate in South Korea after the Hyundai Group. There were about 20 divisions under the Daewoo Group, some of which survived as independent companies. History Beginning and development The Daewoo Group was founded by Kim Woo-choong in March 1967. He was the son of the Provincial Governor of Daegu. He graduated from the Kyonggi High School, then finished with an Economics Degree at Yonsei University in Seoul. During the 1960s, after the end of the Syngman Rhee g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asian Financial Crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1999 was rapid and worries of a meltdown subsided. The crisis started in Thailand (known in Thailand as the ''Tom Yam Kung crisis''; th, วิกฤตต้มยำกุ้ง) on 2 July, with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar. Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt. As the crisis spread, most of Southeast Asia and later South Korea and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt. South Korea, Indonesia and Thailand were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kim Woo-choong
Kim Woo-Choong (December 19, 1936 – December 9, 2019) was a South Korean businessman who was the founder and chairman of Daewoo Group until its collapse in 1999. Background Born in Daegu, he was the son of the provincial governor. He was a newspaper delivery boy when he was a youngster, helping a family that depended almost solely on him during a brief period. He graduated from the prestigious Kyunggi High School, then finished with an Economics Degree at Yonsei University in Seoul. His father was the teacher or mentor of future President, Park Chung Hee, who in turn supported Kim to a great degree both financially and business-wise. Daewoo After graduating from Yonsei, he entered a small trading corporation specializing in textiles and clothing. He left and created Daewoo Industries with five other associates. Using his connections in the alumni of the Yonsei and with political backing, he managed to do well, and consecutively bought many different companies. Daewoo Group ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wanted Posters
A wanted poster (or wanted sign) is a poster distributed to let the public know of a person whom authorities wish to apprehend. They generally include a picture of the person, either a photograph when one is available or of a facial composite image produced by the police. Description The poster will usually include a description of the wanted person(s) and the crime(s) for which they are sought. There is typically a set monetary reward offered to whoever catches the wanted criminal that is advertised on the poster. Wanted posters are commonly produced by a police department or other public government bureaus intended for public display such as on a physical bulletin board or in the lobby of a post office. Today many wanted posters are displayed on the Internet. However, wanted posters have also been produced by vigilante groups, railway security, private agencies such as Pinkerton, or by express companies that have sustained a robbery. Wanted posters also might include rewa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roh Moo-hyun
Roh Moo-hyun (; ; 1 September 1946 – 23 May 2009) was a South Korean politician and lawyer who served as the ninth president of South Korea between 2003 and 2008. Roh's pre-presidential political career was focused on human rights advocacy for student activists in South Korea. His electoral career later expanded to a focus on overcoming regionalism in South Korean politics, culminating in his election to the presidency. He achieved a large following among younger internet users, which aided his success in the presidential election. Roh's election was notable for the arrival in power of a new generation of Korean politicians, the so-called 386 Generation (people in their thirties, when the term was coined, who had attended university in the 1980s and who were born in the 1960s). This generation had been veterans of student protests against authoritarian rule and advocated a conciliatory approach towards North Korea, even at the expense of good relations with the United States. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daewoo Shipbuilding & Marine Engineering
Daewoo Shipbuilding & Marine Engineering Co., Ltd ( ko, 대우조선해양; abbreviated DSME) is one of the "Big Three" shipbuilders of South Korea, along with Hyundai and Samsung. History On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the then record holder; the Mærsk E-class at 15,200 containers. The contract is worth $1.9bn. The first was to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn. The new class is called the Triple E class. On December 20, 2011, Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build three Indonesian submarines. It also would mark the first exports of submarines from South Korea. On 22 February 2012, a £452 million order was placed with DSME for four 37,000 tonne double hulled 'MARS' fast fleet tankers by Britain's Ministry of De ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scandals In South Korea
A scandal can be broadly defined as the strong social reactions of outrage, anger, or surprise, when accusations or rumours circulate or appear for some reason, regarding a person or persons who are perceived to have transgressed in some way. These reactions are usually noisy and may be conflicting, and they often have negative effects on the status and credibility of the person(s) or organisation involved. Society is scandalised when it becomes aware of breaches of moral norms or legal requirements, often when these have remained undiscovered or been concealed for some time. Such breaches have typically erupted from greed, lust or the abuse of power. Scandals may be regarded as political, sexual, moral, literary or artistic but often spread from one realm into another. The basis of a scandal may be factual or false, or a combination of both. In contemporary times, exposure of a scandalous situation is often made by mass media. Contemporary media has the capacity to sprea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corruption In South Korea
Corruption in South Korea is moderate compared to most countries in the Asia-Pacific and the broader international community. Transparency International's 2021 Corruption Perceptions Index scored South Korea at 54 on a scale between 0 (very corrupt) and 100 (least corrupt). When the 180 countries in the Index are ranked by score, South Korea is the 32nd least corrupt country, following the Bahamas, Qatar and Portugal. Notable cases President Park Geun-hye was found guilty in 16 charges, including abuse of power and bribery, then she was imprisoned for 25 years. Another former president Lee Myung-bak was also charged with corruption scandals involving major companies in 2018 and he was sentenced 17 years in jail. As a result of such scandals, coupled with other incidents, such as the Sewol disaster, a 2015 report released by the Organization for Economic Cooperation and Development (OECD) showed that " lmost 70 percent of South Koreans distrust their government, while less ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1999 In South Korea
Events from the year 1999 in South Korea. Incumbents *President: Kim Dae-jung *Prime Minister: Kim Jong-pil Events * 30 January–6 February – The Asian Winter Games take place in Gangwon Province. * 9–15 June: First Battle of Yeonpyeong * June 30: Sealand Youth Training Center Fire * November 27: the first Mnet Asian Music Awards * December 1:NTN Entertainment founded, as predecessor name was Hangame Communication. * December 22: Korean Air 8509 Full date unknown * Korea Human Rights Foundation is established. Sports * 1999 World Fencing Championships * 1999 Asian Winter Games * 1999 K League * 1999 Korean FA Cup Births * February 11 – Dino, member of boy group Seventeen * March 5 – Yeri, member of girl group Red Velvet * April 21 – Choi Hyun-suk, co-leader of Treasure * April 23 – Chaeyoung, member of girl group Twice * May 5 – Lee Na-eun, member of girl group April * May 29 — Park Ji-hoon, member of boy group Wanna One * July 19 - Kim So-hye, singer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
