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Fugitive Ex-chief of Daewoo Spotted in Vietnam
Kim Woo-Choong Wanted for Huge Accounting Fraud
Daewoo's founder and ex-chief Kim Woo-Choong at work on board his jet
A Korean national has reported seeing the founder and former chief of South Korea's Daewoo Business Group, wanted since 2001 for massive accounting fraud, in Vietnam, the Yonhap news agency reported.

The Korean spotted Kim Woo-Choong walking into a Ho Chi Minh City hotel on April 9.

Hotel officials told the Korean witness that Kim checked into the hotel under his real name and listed his company as Daewoo, Yonhap said.

"I brought myself close to him because he looks like chairman Kim and I am sure that it was him," the Korean resident told Yonhap.

"As soon as I approached him, he left by taxi along with three people who looked like Korean and Vietnamese."

Kim has been hiding overseas since 1999 when Daewoo Group, once the country's second largest conglomerate, collapsed under debt estimated at 80 billion dollars.

In 2001 South Korean authorities issued an arrest warrant for him, via Interpol, saying he had embezzled millions of dollars in one of the world's biggest corporate accounting fraud cases.

Seven former Daewoo Group executives were found guilty in the scandal and were sentenced to up to seven years' imprisonment for embezzlement.

The head of the French transport firm Lohr, Robert Lohr, said last month that Kim had been his business consultant for the past 18 months and went "fairly often to South Korea."

South Korean authorities have said he has not returned since 1999 and would face arrest if he ever did so.

Yonhap has also reported sitings of Kim, who acquired French nationality in early 2003, in Germany, the United States and Sudan.



Related Articles
    Daewoo Founder Sentenced 10 Years in Prison
    Ex-Daewoo Head Indicted on Fraud Charges
    Daewoo Runaway Hopes for Leniency
    Ex-Daewoo Boss Flies Home at Long Last


 

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