Kim Woo-choong, once a business icon in South Korea, was sentenced to 10 years in jail and ordered to forfeit $21 billion after being found guilty for financial crimes by a Seoul judge.

Judge Noh Yu-kyong said that Kim, 70, had contributed to Daewoo's bankruptcy, disregarded corporate ethics and damaged Korea's image. Kim founded and built Korea's second-largest company, the Daewoo Group, before prosecutors said that he began inflating the assets of four Daewoo subsidiaries and borrowing illegally, using doctored accounting books and fake letters of credit .

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