Ex-Daewoo Boss Gets Suspended Jail Term
By Park Si-soo
Staff Reporter
Kim Woo-choong, the founder and former chairman of the now-disbanded Daewoo Group, was given an 18 month prison sentence suspended for two years for hiding 115 billion won ($99.6 million) in assets.
In 2006 Kim was sentenced to eight-and-a-half years in prison and ordered to forfeit 17.9 trillion won after being found guilty of fraud and embezzlement. However, he was pardoned in January as part of a presidential amnesty.
In July, prosecutors brought a new charge against him after discovering he had hidden money in an overseas paper company he had established. Prosecutors discovered the assets while tracing his bank accounts to seize the 17.9 trillion won.
``He committed the grave crime of intentionally hiding assets gained from embezzlement to avoid forfeiting them,'' said presiding judge Yoon Kyung of the Seoul Central District Court in the ruling. ``The suspension of the jail term reflects the fact that he repented his wrongdoing and the assets in question will now be forfeited to the government,'' the judge said.
The court also took into account his deteriorating health condition in the sentence he added.
The 71-year-old Kim has undergone two heart operations, and arrived in court in a wheelchair. He managed to move to the defense table with his aide's help.
The ruling was initially scheduled for Sept. 4 but was delayed due to his deteriorating health. The prosecution sought a one-year jail term suspended for two years.