Kim Woo-Choong, Onetime Icon Of Korean ‘Miracle,’ Dies At 82 [Forbes]
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Source: Forbes
Kim Woo-choong, a legendary, controversial figure in the rise of South Korea as an industrial nation, has died. Kim, who founded the Daewoo group, one of Korea’s biggest chaebol or conglomerates, in 1967 and then lost it in the 1997-1998 economic crisis, passed away in a hospital that had been part of his empire in Suwon, a provincial capital near Seoul. He was 82. Although the Daewoo Group no longer exists, the name is remembered best for Daewoo Motor, the manufacturer that competed with Hyundai Motors. General Motors, which had partnered with Daewoo Motors in its formative years, gained complete control in a complex deal in 2002, and GM Korea still produces cars with the Chevrolet nameplate in the original Daewoo plant in Inchon. Kim ranked along with Samsung founder Lee Byung-Chul and Hyundai’s Chung Ju-Yung as one of the dynamic figures responsible for Korea’s “economic miracle” from poverty after the Korean War to one of the world’s leading industrial nations. Just as Kim seemed
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