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.

Legal issues & crime, Cases, Kim Woo-Choong

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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.

Semiconductor Devices, Semiconductor and Related Device Manufacturing, Asset sales & divestitures, Acquisitions & mergers, Consumer Electronics, Audio and Video Equipment Manufacturing, Semiconductor industry, Mergers, acquisitions and divestments, Consumer electronics industry, LG Electronics Inc., Hyundai Electronics Industries Company Ltd., LG Corp., LG Semicon Company Ltd.

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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.

Market information - general, Securities Brokerage, Stock Brokerage, Conglomerate corporations, Stockbrokers, Securities

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