Founder of South Korea's Daewoo, a symbol of its rise and fall, dies

Founder of South Korea's Daewoo, a symbol of its rise and fall, dies
  • Clock-gray 15:11
  • calendar-gray 10 December 2019

The founder of the defunct Daewoo Group, Kim Woo-choong, has died after watching the conglomerate he built into a symbol of South Korea’s manufacturing prowess become one of its biggest corporate failures, crushed by debt, APA reports citing Reuters.

Kim, who died on Monday at 83 after battling chronic illness, had led what was once the nation’s second-largest conglomerate, symbolizing South Korea’s meteoric rise from the ashes of the 1950-1953 Korean War.

“We have never forgotten his expansive vision that if we get out of this small land, there is hope in the world,” said Huh Chang-soo, chairman of conglomerate GS Group and the head of a lobby group, the Federation of Korean Industries.

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