Kim Woo-choong, former chairman of the Daewoo Group, is escorted by investigating officers. On May 9, 2006 prosecutors demanded 15-year prison sentence and the return of billions of dollars from Kim, who is suspected of massive fraud and embezzlement.



The 69 year old Kim Woo-Choong, ex-chairman of, once the multinational company, Daewoo who returned form Vietnam last June, is up in the headlines again. South Korean prosecutors sought on Tuesday a 15-year prison sentence and the return of billions of dollars from the Daewoo group founder.



Once the chairman of the second largest company in South Korea, he is charged with illegally procuring loans of about 10 trillion won ($10.70 billion), misallocating about $20 billion in Daewoo funds through overseas accounts and helping doctor Daewoo’s books to falsify assets of about 41 trillion won ($43.86 billion).



A remorseful Kim told the court:

I apologize to the people of Korea and the workers in Daewoo.




If found guilty he could face five years term to life in prison for causing the fall of the company in 1999.



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