Daewoo

Daewoo ( [ tɛ.u ]; " Great Universe " ) was a major South Korean conglomerate headquartered in Seoul. The conglomerate was founded on March 22, 1967 under the name Daewoo Industrial and dissolved on 26 August 1999 by the South Korean government.

The company is now divided into Daewoo International, Daewoo Engineering & Construction and Daewoo Corporation. The company is active in many fields such as steel processing, shipbuilding, the arms industry or the financial business.

The shipbuilding division was separated as an independent company in 1999 and was Daewoo Shipbuilding & Marine Engineering.

The automaker Daewoo Motors is now as GM Daewoo and General Motors except the name has nothing in common with the parent company. Daewoo Heavy Industries was acquired in May 2005 by the company Doosan Infracore. The products such as machine tools are sold provisionally under the name Doosan Daewoo - Doosan Infracore.

Since 1994, Daewoo Motors also has a presence in Germany. In 1998 the company found itself in a financial crisis and sold the automotive division to an investor group led by General Motors, whereupon the division now persists as GM Daewoo Auto & Technology. Since July 2005, General Motors is the majority shareholder (> 50 %) at GM Daewoo.

The Daewoo founder Kim Woo- Choong was sentenced on 25 May 2006 after six years of exodus due to accounting fraud in the first instance to 10 years in prison. The sentence was reduced on appeal to eight and a half years. He also must pay back money unterschlagenem more than $ 20 billion. On 31 December 2007 he was pardoned as part of a special amnesty along with other 74 convicted criminals by the outgoing South Korean President Roh Moo Hyun.

On 15 November 2007 a ​​court sentenced Lee Tae -yong, the former president and CEO of Daewoo International, in Seoul for illegal arms exports to Myanmar in the years 2002 to 2006.

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