Kim Woo-choong, the former chairman of collapsed electronics conglomerate Daewoo, appeared in a Seoul court Tuesday and reportedly said that he would take responsibility for a nearly $40 billion accounting fraud.
Kim fled South Korea in 1999 and returned earlier this summer to be indicted on charges of orchestrating a $39 billion accounting fraud, another $9.7 billion in illegal financing, and diverting $23 billion out of the country. Prosecutors say that he inflated the assets of four Daewoo subsidiaries and borrowed illegally using doctored accounting books and fake letters of credit.
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