Kim built Daewoo Corp. in 1967 and it grew into South Korea's second-largest business empire. Later he was sentenced to prison on fraud allegations.
Kim Woo-choong, the disgraced founder of the now-collapsed Daewoo business group whose rise and fall symbolized South Korea’s turbulent rapid economic growth in the 1970s, has died at a hospital outside the country’s capital. He was 82.
Born in 1936, when the Korean peninsula was under Japan’s 35-year colonial rule, Kim started as a textile salesman and built Daewoo Corp. in 1967. The company grew into South Korea’s second-largest business empire, producing items including clothes, cars, ships, TV sets, refrigerators and other electronics.
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