Daewoo Founder To Pay $22B In Fraud Case

Law360, New York (May 30, 2006, 12:00 AM EDT) -- The founder of now-bankrupt auto maker Daewoo Group will pay $22 billion and spend 10 years in jail in Seoul, as punishment for a slew of financial crimes including accounting fraud, embezzlement and breach of fiduciary duty.

Kim Woo-choong was found guilty by the Seoul Central District Court of participating in financial crimes that the court says hastened the Korean car maker’s collapse.

The conglomerate founder was indicted last June on charges of accounting fraud, illegal financing, diverting funds out of the country, embezzlement and breach...
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