Daewoo Company Description:
Daewoo is Korean for Great Universe, & was a major South Korean conglomerate. It was founded in March 22, 1967 by Kim Woo-jung as Daewoo Industrial and was dismantled by the Korean government in 1999. Kim Woo-jung was an excellent entrepreneur. He led the company's growth from an $18,000 initial capital value to $25 billion in annual sales. On May 30, 2006 the founder of Daewoo, Kim Woo-jung, was sentenced by a court in Seoul to a fine of approximately 21 trillion won ($22bn USD) and 8 1/2 years in prison on charges including fraud and embezzlement. In 2005, it was announced that Daewoo cars would have a Holden badge in Australia and New Zealand. In South Africa, Thailand and the Middle East, Daewoo models were already being sold as Chevrolets. Only in South Korea and Vietnam does the Daewoo marquee survive.