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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 ov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and the Sea of Japan to the east. Like North Korea, South Korea claims to be the sole legitimate government of the entire peninsula and List of islands of South Korea, adjacent islands. It has Demographics of South Korea, a population of about 52 million, of which half live in the Seoul Metropolitan Area, the List of largest cities, ninth most populous metropolitan area in the world; other major cities include Busan, Daegu, and Incheon. The Korean Peninsula was inhabited as early as the Lower Paleolithic period. Gojoseon, Its first kingdom was noted in Chinese records in the early seventh century BC. From the mid first century BC, various Polity, polities consolidated into the rival Three Kingdoms of Korea, kingdoms of Goguryeo, Baekje, and Sil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daewoo
Daewoo ( ; ; ; ; 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 third largest conglomerate in South Korea, behind the Hyundai Group and LG Corporation, Lucky-Goldstar (later became LG Corporation). 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asian Financial Crisis
The 1997 Asian financial crisis gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided. Originating in Thailand, where it was known as the '' Tom Yum Kung crisis'' () on 2 July, it followed 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, other Southeast Asian countries and later Japan and South Korea saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kim Woo-choong
Kim Woo-Choong (;19 December 1936 – 9 December 2019) was a South Korean businessman who was the founder and chairman of Daewoo Group until its collapse in 1999. Early life and education Born in Daegu, Kim is the son of a former school teacher-turned provincial governor of North Gyeongsang Province, who was kidnapped and taken to North Korea while Kim was a teenager. Kim became a newspaper delivery boy and sold various items. Kim's father was a mentor of South Korean president Park Chung Hee, who eventually supported Kim. Kim graduated from Kyunggi High School, then finished his education with a Bachelor of Economics at Yonsei University in Seoul. Career In 1967, Kim began a small textiles trading corporation with five other associates. Kim rapidly expanded the renamed Daewoo Group by using borrowed money to purchase near-bankrupt companies. By the 1980s, Daewoo ranked as the third-largest chaebol. By the 1990s, Daewoo ranked second largest in assets and third in revenu ... [...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 police. Description Wanted posters typically include an image or description of a fugitive or alleged criminal and a description of the crime 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 typically produced to be displayed in public locations such as post offices, district offices, and other venues. Modern wanted posters are also typically published on the Internet. In popular culture, wanted posters are often associated with the American frontier and the wood type that was used on posters of the time. Wanted posters have historically been printed without color, with the FBI not using color photograph ... [...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 from 2003 to 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 (politics), 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 wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daewoo Shipbuilding & Marine Engineering
Hanwha Ocean Co., Ltd. (), formerly known as Daewoo Shipbuilding & Marine Engineering (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 Mini ... [...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 a social norm. These reactions are usually noisy and may be conflicting, and they often have negative effects on the status and credibility of the persons or organizations involved. Society is scandalized 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 ... [...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 2024 Corruption Perceptions Index scored South Korea at 64 on a scale from 0 ("highly corrupt") to 100 ("very clean"). When ranked by score, South Korea ranked 30th among the 180 countries in the Index, where the country ranked first is perceived to have the most honest public sector. For comparison with regional scores, the highest score among the countries of the Asia Pacific region was 84, the average score was 44 and the lowest score was 16. For comparison with worldwide scores, the average score was 43, the best score was 90 (ranked 1), and the worst score was 8 (ranked 180). Notable cases Former South Korean president Park Geun-hye was found guilty of 16 charges, including abuse of power and bribery, and was then imprisoned for 25 years. Another former president Lee Myung-bak was also charged with corruption scandals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1999 In South Korea
1999 was designated as the International Year of Older Persons. Events January * January 1 – The euro currency is established and the European Central Bank assumes its full powers. * January 3 – The Mars Polar Lander is launched by NASA. * January 25 – The 6.2 1999 Colombia earthquake, Colombia earthquake hits western Colombia, killing at least 1,900 people. February * February 7 – Abdullah II of Jordan, Abdullah II inherits the throne of Jordan, following the death of his father King Hussein of Jordan, Hussein. * February 11 – Pluto moves along its eccentric orbit further from the Sun than Neptune. It had been nearer than Neptune since 1979, and will become again in 23rd century, 2231. * February 12 – U.S. President Bill Clinton is acquitted in Impeachment of Bill Clinton, impeachment proceedings in the United States Senate. * February 16 ** In Uzbekistan, an apparent 1999 Tashkent bombings, assassination attempt against President Isl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
