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| South Korea pardons Daewoo boss | South Korea pardons Daewoo boss |
| (about 20 hours later) | |
| The founder and former chairman of South Korea's Daewoo has been pardoned in a traditional New Year amnesty. | |
| Kim Woo-Choong, 71, was sent to prison for eight and a half years in 2006 for crimes including embezzlement and accounting fraud. | Kim Woo-Choong, 71, was sent to prison for eight and a half years in 2006 for crimes including embezzlement and accounting fraud. |
| But one month later the court ordered the suspension of the sentence because of ill health. | But one month later the court ordered the suspension of the sentence because of ill health. |
| Daewoo went under in 1999 with debts of $82bn (£41bn) leaving the government to rescue its component companies. | Daewoo went under in 1999 with debts of $82bn (£41bn) leaving the government to rescue its component companies. |
| Woo-Chong fled the country and was accused of ordering his executives to lie in order to obtain loans. He was also accused of smuggling money overseas. | Woo-Chong fled the country and was accused of ordering his executives to lie in order to obtain loans. He was also accused of smuggling money overseas. |
| He eventually returned to South Korea in 2005 to face charges. | He eventually returned to South Korea in 2005 to face charges. |
| In addition to the prison sentence, he was ordered to forfeit 17.9 trillion won ($18.2bn; £9.5bn) and pay 10m won in fines. | In addition to the prison sentence, he was ordered to forfeit 17.9 trillion won ($18.2bn; £9.5bn) and pay 10m won in fines. |
| Simple beginning | Simple beginning |
| Daewoo started out as a small textile firm, which he had bought for $5,000 in 1967. | Daewoo started out as a small textile firm, which he had bought for $5,000 in 1967. |
| From this simple beginning, Kim turned Daewoo into one of South Korea's most powerful industrial conglomerates, or "chaebols", with close ties to other business leaders and top politicians | From this simple beginning, Kim turned Daewoo into one of South Korea's most powerful industrial conglomerates, or "chaebols", with close ties to other business leaders and top politicians |
| At its height, Daewoo employed 320,000 people in 110 countries. | At its height, Daewoo employed 320,000 people in 110 countries. |
| General Motors bought a major stake in Daewoo Motor to create GM Daewoo in 2002. | General Motors bought a major stake in Daewoo Motor to create GM Daewoo in 2002. |