August 11, 1999 |
Daewoo Group's domestic creditors, abandoning a six-month debt reprieve, said they will force South Korea's second-largest conglomerate to sell all but six of its 25 units. Daewoo will be left with just Daewoo Motor Co. and three other auto-related companies, the trading business of Daewoo Corp. and the heavy-machinery business of Daewoo Heavy Industries Co., creditors said.
April 30, 1997 |
Daewoo Corp. said it will increase its investment in Poland to up to $2.2 billion by 2001 and double its planned car production to 550,000 a year. Under Daewoo's previous plan, the South Korean company was to invest $1.5 billion in Poland. "We are proving we are not only able to keep our promise, we are making efforts to go much further than the promise," J.C. Suk, president of Daewoo's car venture in Poland, Daewoo-FSO, said at a news conference.
June 2, 1998 |
A state appeals court has reversed a $13.4-million verdict against a Daewoo Corp. affiliate, finding little evidence to support allegations that the South Korean-based giant defrauded piano retailer Vernon Schafer Jr. In an unusual move, the 4th District Court of Appeal ruled that Schafer failed to prove that Daewoo International (America) Corp. broke oral promises in an intentional scheme to destroy Schafer's Colton Piano and Organ Co., as the Anaheim resident had contended.
November 17, 1995 |
Former South Korean President Roh Tae Woo, the onetime general who once electrified his nation by calling democratic elections after decades of dictatorship, was arrested and jailed Thursday for allegedly taking bribes worth more than $300 million from 30 business tycoons. A five-page arrest warrant detailed Roh's stunning fall from grace, describing an intricate web of avarice and collusion involving some of the nation's best-known business conglomerates. Daewoo Corp.
December 13, 1997 |
Daewoo Corp. has abruptly canceled next month's debut in Los Angeles of its new line of cars for the U.S. market, leading many observers to believe the company has become another overextended South Korean conglomerate. Daewoo announced that it was cancelling its appearance at the Greater Los Angeles Auto Show with no explanation just days after its international credit rating was slashed. The company last month acquired controlling interest in ailing Ssangyong Motor Co.
May 5, 2001 |
Kim Woo Choong was always proud of his resume: entrepreneur, global strategist, role model, philanthropist. From humble roots as a newspaper delivery boy, he built Daewoo Corp. into a global behemoth that at its height employed 320,000 people and accounted for up to 10% of the South Korean economy. Now he can add another title: international fugitive. Creditors and prosecutors allege that Kim's "Great Universe"--Daewoo's literal meaning--perpetrated one of the world's biggest frauds.