Former Daewoo boss, Choong is dead

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Kim Woo Choong

Kim Woo Choong

The Daewoosky Institute reported on its website on Tuesday, that Kim Woo Choong, the former leader of South Korea’s second-largest conglomerate Daewoo, has died as a result of a chronic illness.

The Daewoosky Institute, an organisation for former employees and managers reported that Kim, who was once considered South Korea’s flagship manager, died at the age of 82.

Kim had laid the foundation for his economic empire in 1967 with $5,000 and a small textile company.

The 82-year-old was the founder of Daewoo before his entrenchment during his embezzlement and accounting fraud in 2006.

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