Daewoo ex-chairman ready to come home, face charges

Former Daewoo Group chairman Kim Woo-choong, who has been in hiding overseas since 1999 after the conglomerate`s spectacular collapse, is expected to return home tomorrow.

Kim, who is on an Interpol wanted list for accounting fraud, embezzlement and diverting funds overseas, is reportedly remorseful and will likely return to Korea despite the criminal charges he may face.

"It is most likely for him to return on June 14," said a source.

Kim, who was last seen in Hanoi, Vietnam, is expected to return via another country. It is believed his wife Jeong Hee-ja will join him from Italy.

According to another source, the ailing former chairman has decided to go straight to the prosecutors` office instead of the hospital after landing at Incheon airport.

The prosecution also plans to arrest Kim at the airport and begin the investigation of his alleged directing of accounting fraud to the tune of 41 trillion won.

Backed by cooked accounting books, Kim is suspected of illegally borrowing 9.2 trillion won from financial institutions.

The 69-year-old is also accused of embezzling and diverting $20 billion overseas.

The prosecution received a warrant to arrest Kim in March 2001 and suspended the indictment two months later as it was unable to investigate the case since Kim`s whereabouts were unknown.

The warrant will again take effect immediately after Kim sets foot in the country. Legal sources say the probability of detention is very high.

But a group of ex-Daewoo executives dubbed the "Daewoo men" are looking to gather support for the patriarch of the global business.

One of the most active, Eugene Group executive and former Daewoo director of public relations Baek Ki-seung, has recently opened an office in Seoul to support Kim`s return.

"We plan to bring the controversial Daewoo case to a proper discussion table," said Baek.

Baek has taken leave from his job to become Kim`s spokesman.

In addition to a Daewoo men club`s online campaign asking for cooperation to ensure fair judgment of Kim, another group called the Global Management Forum has planned a discussion session titled "Kim Woo-choong, Daewoo Group and the Korean Economy" on June 24.

The forum comprises 30 former Daewoo employees who were once student activists during authoritative governments in the 1980s.

(sophie@heraldm.com)



By Kim So-hyun