Daewoo dissolution and corruption scandal
From Wikipedia, the free encyclopedia
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.[1]
Daewoo was a major South Korean conglomerate. Prior to the 1997 Asian financial crisis, Daewoo was the second largest conglomerate in Korea. By 1999, Daewoo went bankrupt, with debts of about US$50[2]-80 billion.[1]
