Daewoo founder gives last public speech

By Lee Hyo-sik

Kim Woo-choong, 80, the founder of the now-defunct Daewoo Group, gave his last public speech in Singapore, Monday, ending his turbulent public life as one of the most influential business tycoons in Korea’s modern history.

During the 20th World Federation of Overseas Korean Traders Association (World OKTA) annual gathering in the Southeast Asian city-state, Kim delivered his keynote speech, titled “Global Business Leads to an Advanced Korea,” to about 700 ethnic Korean businesspeople from 40 countries.

He said the speech would be his last public lecture, encouraging the participants to make inroads into as many foreign markets as possible.

“Daewoo received its first export order from Singapore when I was 27 years old. It was also Koreas’ first outbound shipment,” the former Daewoo chairman said. “Daewoo also decided to set up its first overseas office here.”

He stressed the importance of the entrepreneurial spirit, saying that ethnic Korean businesspeople abroad have contributed significantly to Korea’s rapid economic development over the years.

“Korea has to further strengthen the competiveness of its manufacturing, bolster overseas business networks and nurture the next generation of entrepreneurs,” Kim said. “Korean businesspeople abroad should enhance their ties with their counterparts back home and make more efforts to boost presence in their respective countries.”

Kim founded Daewoo Group in 1967 and transformed it into Korea’s second-largest conglomerate. However, it suffered a severe liquidity shortage in the aftermath of the Asian currency crisis. In 1999, the government decided to break up the debt-ridden Daewoo.

In 2006, Kim was imprisoned after being sentenced to eight-and-a-half years for embezzlement and accounting fraud.

In addition to the prison sentence, he was ordered to pay 17.9 trillion won ($15 billion) for restitution, and another 10 million won in fines.

In 2008, Kim was pardoned and since then has been living overseas. The former Daewoo chairman has claimed that he has no money to pay the fine.