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.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access