May 30, 2006
Wow, I guess Kim Woo-choong Believed in the Motto -- " Go Big or Go Home"
Wow, force to forfeit $21 billion US in reparations and must spend ten years in jail, I hope it was worth it! The Daewoo founder, Kim Woo-choong was found guilty today on numerous charges. Corporate fraud is everywhere.
No country is exempt! Arrogance at the top of some companies is astounding. With some CEO's they begin to believe they can do anything and that the company's money is their money. Unreal.
What motivates people who are already so wealthy they cannot spend all of their wealth in their lifetimes to commit such acts? It makes all of us skeptical of corporate behavior. And this is not right because the majority of CEO's around the world are most likely honest.
An excerpt from an article is here:
" Daewoo Group founder jailed, faces billions in reparations
Last Updated Tue, 30 May 2006 11:44:52 EDT
The man who rose from a salesman to become an icon of South Korea's industrial success will spend a decade in jail and forfeit $21 billion US for his financial crimes, a Seoul court ruled Tuesday.
Kim Woo-choong leaves the court in Seoul after being sentenced. He was found guilty of accounting fraud, illegal financing, embezzlement, breach of trust and diverting money out of South Korea. (Yonhap, Ahn Jung-hwan/AP)
Kim Woo-choong, 70, founded and built the Daewoo Group into Korea's second-largest conglomerate, with interests in auto manufacturing, finance, electronics, telecommunications, construction and other businesses."
Click here for the complete article.
No country is exempt! Arrogance at the top of some companies is astounding. With some CEO's they begin to believe they can do anything and that the company's money is their money. Unreal.
What motivates people who are already so wealthy they cannot spend all of their wealth in their lifetimes to commit such acts? It makes all of us skeptical of corporate behavior. And this is not right because the majority of CEO's around the world are most likely honest.
An excerpt from an article is here:
" Daewoo Group founder jailed, faces billions in reparations
Last Updated Tue, 30 May 2006 11:44:52 EDT
The man who rose from a salesman to become an icon of South Korea's industrial success will spend a decade in jail and forfeit $21 billion US for his financial crimes, a Seoul court ruled Tuesday.
Kim Woo-choong leaves the court in Seoul after being sentenced. He was found guilty of accounting fraud, illegal financing, embezzlement, breach of trust and diverting money out of South Korea. (Yonhap, Ahn Jung-hwan/AP)
Kim Woo-choong, 70, founded and built the Daewoo Group into Korea's second-largest conglomerate, with interests in auto manufacturing, finance, electronics, telecommunications, construction and other businesses."
Click here for the complete article.
