How South Korea's fourth largest conglomerate vanished in just two years
Daewoo Group once stood alongside giants like Samsung and Hyundai. This video examines the conglomerate's meteoric rise, fueled by political favor and massive debt, and its sudden disintegration during a period of economic crisis and corporate scandal.
At its zenith, Daewoo Group was a dominant force in the South Korean economy, ranking as the nation's fourth largest conglomerate. The company's expansion was driven by a combination of political support and aggressive borrowing. However, this growth proved unsustainable when faced with a severe recession and internal fraud.
The collapse of the group occurred over a two-year period, ultimately destroying the reputation of founder and chairman Kim Woo-Choong. Following the disintegration of his business empire, Kim was forced to flee South Korea, eventually returning only after receiving a pardon.
