Kim Woo-choong |
By Park Si-soo
Staff Reporter
Prosecutors unearthed a fortune stashed away by former Daewoo Group Chairman Kim Woo-choong, 72. They said he hid the wealth worth tens of billions of won in the form of stocks.
Kim has been indicted on charges of deceptive accounting practices, which led Daewoo Group to bankruptcy in 1998.
``We are investigating how Kim amassed such a fortune and are searching for other suspicious money involving him,'' a prosecutor said. The finding came during an investigation into Cho Poong-eon, 69, a Korean-American military weapons dealer, who is known as a close aide to Kim.
Cho has been investigated on suspicions that he bribed government officials and politicians in 1998 to help prevent Daewoo Group from going bankrupt and protect Kim from being jailed. The weapons dealer was indicted with physical detention on June 3 for breach of trust charges.
According to the prosecution, the questionable fortune was reserved in the form of stock of Best Limited Co., former Daewoo Development. Kim's wife previously owned the company. If it is confirmed that Lee intentionally hid the money, the prosecution will confiscate it. ``We will try to wrap up the interrogation this month,'' the prosecutor said.
The court sentenced Kim to a jail sentence of eight years and six months and ordered him to pay 10 million won in fines in 2006. He was also ordered to forfeit 17.9 trillion won but has refused, alleging he does not have it.
pss@koreatimes.co.kr
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