From fisherman to biz tycoon
Dongwon Chairman writes rags to riches story for young people today
By Lee Hyo-sik
Dongwon Group Chairman Kim Jae-chul's biography
Dongwon Group Chairman Kim Jae-chul is a self-made man who wrote one of the most incredible rags to riches stories in Korea’s modern history.
Kim, who built one of the world’s largest deep-sea fishing companies, may not be known as well as Samsung Group founder Lee Byung-chul and Hyundai Group founder Chung Ju-young. But what he has achieved in his life is no less than what the Samsung and Hyundai founders did.
Kim’s rise from being a poor fisherman to becoming one of the country’s richest men offers valuable lessons for today’s young people, many of whom struggle to find paths to the future.
To share his life experiences with those just starting out, the chairman recently published a story of his life, which was full of adversity, and about his entrepreneurial spirit and management philosophy.
“What Kim has achieved in business is inspiring,” a Dongwon Group official said. “Besides building and managing successful enterprises, he has taken on various public roles and involved himself in an array of volunteer activities to care for the underprivileged and supporting young people in pursuing their dreams.”
Gong Byoung-ho, one of the nation’s most respected economics and management writers, wrote Kim’s biography consisting of 6 parts and 16 chapters, after interviewing him many times.
The book covers extensively what the Dongwon founder has gone through, being the eldest son of 11 children from a poor farming family to becoming one of the most influential business leaders in the nation.
Lee O-young, former culture minister, wrote in the recommendation for the book, “This biography pays homage not only to an individual who discovered the ocean and opened it up but to Korea’s industrial history as well.”
Born in Gangjin, South Jeolla Province, in 1935, Kim chose to go to a fishery college in Busan instead of going to Seoul National University, in the belief that the ocean would provide him bigger opportunities.
At the age of 23, he got on the Jinam, the first deep-sea fishing ship in the country, and headed to the South Pacific.
Two years later, he became the captain of the Jinam II, navigating through the South Pacific and the Indian Ocean, and laying the foundation for Korea to become a fishery powerhouse.
After borrowing a ship from his Japanese business partner, Kim established Dongwon Industries in 1969, which grew into Korea’s largest deep-sea fishing company. In 1980, he also founded Korea Investment Group, one of the country’s largest investment firms.
The 81-year-old now leads Dongwon Group, which earned 4.7 trillion won in sales last year, and Korea Investment Group with 4.6 trillion won in sales. Both groups have more than 30 subsidiaries combined.
Unlike other controlling families of large business groups, Dongwon has never been implicated in tax evasion or other illicit activities.
“In 1991 when the chairman gave part of his holdings to his eldest son, he paid 6.24 billion won in gift taxes. At the time, paying a gift tax voluntarily was unprecedented,” the Dongwon official said. “I hope many people, young adults in particular, read Kim’s biography. His diligent work ethic and can-do-sprit, as well as his never-ending pursuit for excellence will certainly inspire his readers who are now undergoing hardships.”