Inventor of Daewoo

Kim Woo-Choong Introduction:

Kim Woo-Choong, Korean finance manager and Inventor of Daewoo Company. Kim’s activities paving the way to Daewoo’s possible insolvency prompted his escaping the nation and to his inevitable arraignment on extortion charges. He offered papers to make a decent living and figured out how to move on from the esteemed Kyunggi High School in Seoul. He was the inventor and founder of the modern Daewoo company and groups. His company became very famous in the world because of the luxurious services and best performance. Let’s talk about the story of Kim Woo-Choong an entrepreneur of Korea.

Basic Information
Name of InventorKim Woo-Choong,
NationalityKorean
Date of Birth19th December 1936
Place of BirthDaegu, Japanese Korea
Date of Death9th December 2019
Place of DeathSuwon, Gyeonggi Province, South Korea
Age82 years old
EducationKyunggi High School
College / UniversityYonsei University in Seoul
OccupationEntrepreneur
Career1961–2019
Famous forFounder of Daewoo Company
TitleSuccessful entrepreneur
Other worksSelling of newspapers, Philanthropist, Textile company

Kim Woo-Choong Early life and Education:

AVANCES CIENTIFICAS HISTORIA Kim Woo-choong
AVANCES CIENTIFICAS HISTORIA Kim Woo-choong

Kim Woo Choong was born on 19th December 1936 in Daegu, Japanese Korea. When he was born, there was a war between 195 and 953. His age was 14 years old. He took his family’s responsibility to support. He sold newspapers and magazines to get an education and getting a graduate from the prestigious Kyunggi High School in Seoul. After getting an education from high school, he got an education from Yonsei University with a B.A. in economics[1].

Doctorate in Business Administration:

He got a degree in Business Administration from the Korea University, Seoul, in 1986. He wanted to start his business in his country and wanted to become a successful person[1].

Career:

Kim’s business vacation started in 1961 at Hansung Industrial Co., Ltd., an organization possessed by one of his family members.

Managing Director of Matiz cars, SG Awasthi poses with the new car 'Matiz' introduced by Daewoo motors, a South Korean automotive company
Managing Director of Matiz cars, SG Awasthi poses with the new car ‘Matiz’ introduced by Daewoo Motors, a South Korean automotive company

After six years he got $10,000 to build up Daewoo Industrial Co., Ltd., a material exchanging business. The firm has gotten a lift in 1976 when the South Korean government presented state-drove monetary strategies. Kim approached to assume control over an obligation-ridden hefty industry organization. Within a year that organization was making a benefit, and Daewoo had a firm establishment in the substantial industry just as materials. Kim assumed control over a shipyard organization in 1978 and a home machine business in 1983[1].

South Korea’s Economic Structure:

In the 1980s South Korea’s economic development hit a tangle because of developing business sectors and rising wages, thus Kim made trying interests in such remote as Libya, Poland, Pakistan, and Sudan. Therefore, the Daewoo Group arose as a worldwide company. During this time Kim turned into a prominent humanitarian, using his property in Daewoo to set up the Daewoo Foundation, a charitable association that worked rustic medical clinics throughout South Korea and financed research in different fields. Kim was additionally an effective essayist. His self-portrayal, Every Street Paved with Gold (1989), which he composed essentially for youngsters, was a runaway hit and recorded in the Korean release of the Guinness Book of Records for having sold 1,000,000 duplicates in five months[1].

Original works by Kim Woo Choong[1]:

1. Selling Newspapers in childhood

2. Professional Career in 1961 at Han sung Industrial Co., Ltd.

3. Daewoo company purchased in $10,000.

4. Philanthropist.

5. Daring investments in Pakistan, Libya, Poland, Sudan.

Daewoo Express, Brand new fleet of Buses
Daewoo Express, Brand new fleet of Buses

Kim’s Life During War:

Kim grew up during the Korean War (1950–53) and at age 14 got himself answerable for supporting his family. He offered papers to get by and figured out how to move on from the esteemed Kyunggi High School in Seoul. In 1960 he moved on from Yonsei University with a B.A. in financial matters[1].

Anyhow, because of its somewhat empty monetary structure, although it had the broadest branch workplaces, when the Asian Financial Crisis hit in 1997, the precarious Daewoo Group dove. It needed to auction almost 50 division organizations, just zeroing in on the significant organizations[1].

Kim was on the rundown of Interpol when he was in a state of expulsion, incompletely because of how he left Daewoo with the inconceivable obligation, to his workers[1].

He captured not long after he got back to South Korea on 14th June 2005, and apologized “for harming the country” and acknowledged full obligation regarding the breakdown of the gathering, adding that he was “prepared to acknowledge whatever the specialists have available for him,” as showed by the Chosun Ilbo[1].

Kim’s Company name derivation:

The case finished the profession of a man whose realm had its birthplaces in a material organization in his local city of Daegu in southeastern Korea. (The name “Daewoo” is an abbreviation merging “dae” for incredible and “woo” for Kim’s given name.) Kim extended his possessions dramatically as he purchased out feeble organizations in fields going from hardware, including family apparatuses, to shipbuilding, development, and account. He had the firm gift and backing of military strongman Park Chung-hee, the president frequently credited with engineering the ascent of the Korean economy, who came from a similar district and had concentrated in school under Kim’s dad[2].

Daewoo founder gives last public speech
Daewoo founder gives last public speech

In recent years, Kim invested energy in Vietnam, exhorting Korean business people, and others on working together in that nation’s developing economy. At last, a year ago, he got back to Korea for treatment for Alzheimer’s and passed on in Suwon’s Ajou University Hospital, which he had established at the tallness of his profession[2].

The Daewoo name lives on most obviously in Daewoo Shipbuilding and Marine Engineering, one of Korea’s significant shipbuilders, in which the public authority’s Korea Development Bank has a lion’s share stake. Presently Hyundai Heavy Industries, the world’s greatest shipbuilder, is offering to assume control over the upset organization a token of Hyundai Motors’ matchless quality over Daewoo Motor before the IMF emergency[2].

Kim’s Failure and Success:

Investigators state Kim exemplified both the achievement and disappointment of South Korea’s financial turn of events. Kim was near the previous president Park Chung-hee who drove the nation’s financial development during his 18-year tyrant rule[3].

“Executive Kim had different sides in his day-to-day existence. He developed an aggregate during the industrialization time frame, but firmly associated with legislative issues to get it going,” said Park Ju-Keun, head of CEO Score, a corporate examination firm. “He carried on with a day-to-day existence that delineated a scene of Korea’s innovative history. [3]

Global Expansion and Investment in Other Countries:

By 1993, Kim was advancing worldwide development and putting resources into abroad business sectors, for example, Vietnam, Uzbekistan, Poland, and India through consolidations and acquisitions.

2020 Daewoo KL3TX-Eaton Truck Tractor
2020 Daewoo KL3TX-Eaton Truck Tractor

This forceful method assisted Daewoo with turning into the No. 2 combinations in South Korea in 1998, outperforming Samsung. Fortune Global 500 positioned it eighteenth as far as income[3].

“Director Kim Woo-Choong was a pioneer who drove industrialization and globalization of the Republic of Korea. He planted seeds of worldwide administration in Eastern Europe just after the Cold War finished and progressed to Latin America, China, Vietnam, and Africa unexpectedly, [3]

Criminal Charges:

He returned to South Korea in 2005 after about 6 years from France, Europe. In May 2006 he was condemned to 10 years in prison in the wake of being seen as liable for charges including theft and bookkeeping misrepresentation. 21 trillion won ($22bn) of his fortune seized and fined an extra 10m won[1].

Referring to wellbeing concerns, his sentence diminished to 8 and 1/2 years; at that point on 30th December 2007, he allowed absolution by President Roh Moo-hyun. South Korean presidents customarily hand out exculpations for the new year[1].

Kim’s After Came from Jail:

Kim Woo-choong embodiment of nation's business might
Kim Woo-choong embodiment of nation’s business might

After he liberated, Kim ran a schooling program for youthful business people in Vietnam. In a 2014 book composed by the National University of Singapore educator Shin Jang-sup, Kim reprimanded monetary officials for letting Daewoo break down[1].

Before the Collapse of Daewoo:

Before the collapse of Daewoo, the company had about 41 associations at home and there were 600 branches and subsidiaries overseas. There were about 350,000 people worldwide, according to the Daewoo Sky Institute[1].

The Collapse of Daewoo:

Daewoo was Bent and its associations were on a debt-Workout plug-in in the country’s main business insolvency in the year 1999. Then, parts of the Daewoo broken up and sold out, with Detroit based General motors Corp., they gained a major stake in the Daewoo Motors and made the GM Daewoo in 2002[1].

After Collapse of Daewoo Company:

The inventor and founder of the Daewoo company Kim field’s organization collapse and he hides from the investigators for many years. He became a criminal because of fraud and investigations trying to find out him[1].

Bankruptcy:

In the liquidation’s fallout, there were broad cutbacks from the Daewoo gathering, which hastened revolting by previous representatives in mid-2001. Seven of the organization’s previous chiefs shipped off to jail on misrepresentation charges soon thereafter, while Kim stayed secluded from everything. At the point when he got back to his nation of origin in 2005, he was captured on charges including extortion and misappropriation. He condemned in 2006 to 10 years in jail and requested to restore billions of dollars worth of assets. In 2007 South Korean Pres. Roh Moo-Hyun exculpated debilitated Kim[1].

Death of Kim’s:

Kim was living with his three children and wife, Chung Hee-ja. He admitted to the hospital at Ajou University, which is in Suwon. He died on 9th December 2019 because of strong pneumonia.

Ex-Daewoo Group chairman Kim Woo-choong Dies at 82
Ex-Daewoo Group chairman Kim Woo-choong Dies at 82

References:

  1. britanicca. 5th December 2020; Available from: https://www.britannica.com/biography/Kim-Woo-Choong.
  2. Forbes. 5th December 2020; Available from: https://www.forbes.com/sites/donaldkirk/2019/12/10/kim-woo-choong-onetime-icon-of-korean-miracle-dies-at-82/?sh=7aff0
  3. asia.nikkei. 5th December 2020; Available from: https://asia.nikkei.com/Life-Arts/Obituaries/Former-Daewoo-Chairman-Kim-Woo-choong-dies-at-83.

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