The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Korea: The great universe is torn asunder

As Daewoo, once symbolic of the strength of new Korea, is forced into dismemberment because of crippling debt, the government hopes the demise of the second largest of Korea's chaebols will spur others to restructure to avoid a similar fate. However, there is a worry that economic recovery has taken some of the pressure off chaebol chiefs. Steven Irvine reports

Financial sector bounces back


Korea moves between extremes. Only 18 months ago Lim Chang-yuel was finance minister of a country on the verge of collapse. Lim steered Korea through its liquidity crisis and was instrumental in launching the republic's $4 billion bond issue. His tireless efforts to save Korea from bankruptcy won him the respect of the international community.

Lim became a national hero and went on to use his popularity to become elected as governor of Kyonggi province. Then last month, in a dramatic reversal of fortune, Lim and his wife Joo Hye-ran were arrested for allegedly taking a W500 million ($416,000) bribe. It was said that the former finance minister had been given the money by Suh E-suk, the former president of Kyungki Bank, who reportedly was trying to prevent the forced closure of his bank. Suh was charged with taking W368 million in return for extending illegal loans of W169 billion to nine ailing companies. All in all, the scandal has led to the arrest of 19 former bank officials.

Workaholic and perfectionist

Kim Woo-choong is another to be dis-comfited but not for alleged wrong-doing.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree