KANG HOON LEE had a lucky escape. “If I had signed that piece of paper,” he says, “it would have probably meant the end of my company.” He had, he says, three such chances to doom M Corporation, the company he had founded in 1997 and built to become one of Korea’s leading energy and chemicals conglomerates. In early 2008 corporate Korea had one obsession: the Korean won’s steady appreciation against the dollar. This threatened the export-driven economy, as companies found their products harder to sell overseas.
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