South Korean prosecutors on Friday wrapped up their investigation into alleged fraud by Kim Woo-choong, the founder and former chairman of collapsed conglomerate Daewoo, adding new charges against the ailing corporate icon, the Associated Press (AP) reported.
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The news agency noted that Kim, 69, is already on trial, having been indicted on charges of multi-trillion won (multi-billion dollar) accounting fraud, illegal financing, and diverting funds out of the country.
On Friday, an official with the Seoul Supreme Public Prosecutors Office, who would not allow his name to be used, told AP prosecutors had added additional charges of alleged embezzlement, breach of trust and violating the political fund and fair trade laws.
AP noted that, starting as a textile salesman in 1967, Kim built an empire that came to stand among the largest ‘chaebol’, or conglomerates, in South Korea, only to see it collapse with the 1997 Asian financial crisis. He fled the country in 1999, living mostly in France until returning to South Korea in June to face charges.
His case has been interrupted by health problems. On Tuesday, he had heart surgery and was recuperating in a Seoul hospital, the report said.
the Associated Press noted that Kim potentially faces up to life in prison, although it is unlikely he would serve a full sentence due to his age, former stature in South Korean society and public expression of regret upon his return to the country.
