Kim Woo Choong, founder of Daewoo group was sentenced to 10 years in prison for fraud and embezzlement associated with the decline of the company under heavy debts. He is also supposed to pay $22.5 billion as a fine.

Kim Woo Choong, aged 69 is in poor health according to the Seoul Central District Court.

In a bid to escape from justice, the former business tycoon lived in exile for six years.

Daewoo group suffered from a collapsed in 1999 as it went under debts worth $80 billion. Kim is accused of ordering his company’s assets between 1997 &1998 to have also been accused of smuggling $3.2 billion overseas.

Considering his poor health and major contribution to South Korea’s economic success, Kim Woo Choong has been a 15-years jail term and the term has now been abridged to 10-years.

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