Former Daewoo Owner Hid Assets of W140 Bil. |
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Kim Woo-choong, South Korean former owner of bankrupt Daewoo business group, was found to have hidden a total of W140 billion(USD 108 million) in company assets in the country and overseas.
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Kim Woo-choong, South Korean former owner of bankrupt Daewoo business group, was found to have hidden a total of W140 billion(USD 108 million) in company assets in the country and overseas, and Kohap group's owner Chang Chi-hyuk also hid company assets, worth W9.4 billion.
The Korea Deposit Insurance Corp. (KDIC), the state bankruptcy oversight body, announced Thursday that its recent investigation into Daewoo and Kohap groups uncovered the hidden assets, adding that the watchdog agency will immediately take measures to seize the assets and have the losses compensated for.
Kim Cheon-soo, a KDIC director, said that his organization found out that Daewoo's Kim registered a golf course, named Adonis, and real-estate properties under the names of his family members, while illegally diverting the company funds to overseas. He explained that further investigation will be carried out on the group and, subject to the investigation, KDIC will confiscate the hidden assets.
Commenting on the KDIC announcement Thursday, a lawyer for the former Daewoo chair issued a statement arguing that the KDIC's announcement does not contain any new disclosures and that it is mostly a sum-up of the ongoing investigations. The statement also said this public disclosure of the ongoing investigations is an inappropriate measure.
The KDIC director also said that the Kohap group had rigged its financial statements to issue corporate bonds, causing losses of W232 billion to the group and W179 billion to its creditor organization.
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