Daewoo
Republic of Korea (1967 - present)
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Daewoo was founded in 1967 by Kim Woo Choong with a very modest initial share capital. From that, Daewoo has made it to the number four largest conglomerate in South Korea in its most successful years. Daewoo means “Great Universe” and in fact, the conglomerate was present in very different markets from motor vehicles to shipbuilding, heavy industry, aerospace, consumer electronics, telecommunications, and financial services.
GM Daewoo logo
With the help of the government sponsorship, Daewoo has achieved a major player status in the car industry. At the end of the millennium, Kim Woo Choong had adopted a new vision for the company, consisting in increasing its presence in the West. However, the South Korea had adopted a more liberal politic and was more focused on promoting small companies. Besides that, a financial crisis stroke many countries, including South Korea, which made it difficult for companies to have access to credit. Soon, Choong options were exposed has unrealistic, when it was clear that the corporation was building massive debts. With the election of a new President for South Korea, reformist politics reached Daewoo, and the company was broken-up. Faced with bankruptcy, Choong left the group in 1999 and after being accused of embezzlement and fraud, it escaped justice by leaving the country. It returned six years later, and it was charged to 10 years in prison.
In 2001, General Motors took an interest in Daewoo and bought most of its assets to form GM Daewoo.
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