Daewoo collapse revealed rotten corporate governance of Korea Inc.

In the year before its collapse in 1999, the Daewoo Group's tentacles stretched around the globe and the firm represented about 10 percent of South Korea's gross domestic product.

It all started when group founder Kim Woo-Choong launched a small textile-trading company in 1967 with 5,000 dollars borrowed from a bank.

Three decades later he presided over South Korea's second-largest conglomerate with dozens of affiliates encompassing cars, shipbuilding, electronics, construction, finance and hotels.

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