Fined for distorted records
Article Abstract:
The Seoul District Court sentenced nineteen Daewoo Group officials last Tuesday to prison terms, and fined them a combined $20 billion for the falsifying of financial accounts. Kim Woo Choong, Daewoo's founder and chairman, is believed by Seoul prosecuters to have masterminded this fraud case, which tampered with the financial statements of Daewoo along with twelve other companies. Kim, the object of an international manhunt, is currently on the run from prosecuters.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 2001
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LG Semicon sale is expected to help out LG Electronics; Korean consumer-electronics maker may use cash from deal to improve its finances
Article Abstract:
South Korean consumer electronics maker LG Electronics had raised concerns about parent LG Group's decision to sell semiconductor firm LG Semicon to Hyundai Electronics. LG Electronics feared that the deal would entail the loss of a major chip supplier. However, analysts believe that the deal could benefit LG Electronics. The company stands to earn about $652 million from the sale which may be channeled into its operations. The sale also enables LG Electronics to focus on manufacturing LCD screens.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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Brokers handle Daewoo dip: analysts expect solid profits despite setback
Article Abstract:
Analysts expect several South Korean brokerage firms to incur big losses from Daewoo Corp's financial troubles. Losses are expected to be between $1.91 billion to $2.16 billion for FY 1999 due to the sale of beneficiary certificates linked to nonguaranteed Daewoo bonds. However, analysts also say that brokerage firms will still post solid profits for the year ending Mar 31, 2000, since they have made money during the 1st and 2nd qtrs that can more than cover potential losses.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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