From United Press International
SEOUL — A South Korean court Tuesday sentenced the founder of the now-defunct Daewoo Group to 10 years in jail and a $22.6 billion fine.
The Seoul Central District Court sentenced Kim Woo-choong for accounting fraud and other financial irregularities, the Korea Times reported. Kim’s lawyers vowed an appeal.
Once South Korea’s second-largest industrial group, Daewoo collapsed in July 1999 under the weight of $80 billion in debts.
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