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Daewoo's ex-chief receives jail sentence

Daewoo's ex-chief receives jail sentence

In addition to the jail time (effectively a life sentence for a 69-year-old man), Woo-choong was forced to forfeit a whopping $22B and to pay a somewhat less substantial fine of $10,600 (no word yet on whether that fine has to be paid before or after he hands over the money in his bank account).

The portion of Daewoo currently owned by General Motors (now called Daewoo Motors) was acquired in 2002, after a break-up of the bankrupt Daewoo Group.

[Source: AP via Yahoo!]



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