$43.4 Bilion has gone, the Collapse of the corporate Daewoo | Undercover Korea

Daewoo was the most aggressive of the Korean 'chaebols' in expanding into Eastern Europe and Southeast Asia, and Chairman Kim's book, "The World is Wide and There is Much to Do," became a best-seller. The fall was just as sudden as the rise. The company was bailed out by the IMF and a 41 trillion won accounting fraud, the largest in history, was revealed.
All copyrights to this video belong to KBS.
KBS is a public broadcasting service in South Korea.
#fraud #documentary #daewoo #chaebol

[@ucevrim]

The more I learn about korea the more I realize how fake kdramas are but still can’t stop watching it.

[@Zephyrdoll]

Some of them are like crack cocaine, like pure fantasy “Business Proposal.” Others are more grounded and quite realistic, like “Our Blues,” and some are in betweeen those extremes, like “Attorney Woo.”

[@filla3066]

“Our Blues” is quite powerful, especially in its depiction of how intellectually challenged people are viewed. It is brilliant.

[@Scho-penhauer]

All dramas are fake not just the Korean

[@malafazzle7966]

Why would you as a grown man watch anything of the sort

[@Darkest_matter]

i liked 'to wish upon a star'

[@nelsontan8178]

wow...looks like a military camp instead of a workplace...

[@chorcor888]

interesting videos thank you for uploading in ENG!!

[@samongandroid]

So many things revealed in the video but the cheap police cars with shattered windows stood out the most 😀

[@TobyAstern]

Money pocketing corruption is a horrible disease. I'm am black and you Asians don't know how much I admire you guys for taking corruption crimes very seriously and for punishing corrupt leaders. In Africa Africans don't take corruption crimes very seriously that's why our continent is terribly underdeveloped. If we did I'm pretty sure we would have caught up but we're still far behind. Wish you guys the best of luck in your fight against corruption and hopefully I hope my people will wake up as well.

[@mikemondano3624]

Don't get too laudatory. The extent of corruption in Korea and Japan is almost beyond belief. Getting rid of it will take a long time, maybe decades.

[@TobyAstern]

@@mikemondano3624 Even with the money pocketing corruption, the majority of you Asians have a lot of self control. In my country Nigeria, 98% of the political leaders are money pocketing corrupt. Africans are a very difficult people to control. In Africa here its not a matter of "long time". I strongly believe that the solution to our corruption is to impose the death penalty for corrupt leaders and the removal of their powers over money. Politicians should never be allowed to handle money. I believe eradicating corruption is the first step in development followed by infrastructure and other things. It really pisses me off that my race, the black race has to be at the bottom of everyone else. Even worse, when I talk about development and continuous maintenance to fellow Africans, they are so oblivious and clueless about what I'm talking about. All fellow Africans like to do on YT is complain about colonialism and the usual blaming The West. If a non-black person tells them what to do they call him a racist. I'm not trying to be a traitor or anything. I have been studying most Asian nations for many years. Noticed that some Asian nations have more self control than others. Those that are very difficult to control like China or Indonesia use the death penalty system for corrupt politicians and it has helped most Asian nations to be even more developed than Europeans. Another good thing I have observed about Asians is that every time they learn a technology, they keep records so that they will always reproduce that technology by themselves. Africans do not keep records. We 're not self efficient in technology. We always have to call the Europeans or the Asians to come and build for us. This is shameful. I believe for us Africans we need more extreme measures. The problem with Africans is not like we are less evolved or anything. The problem with my people is that we love pleasure more than sacrifice. Every success in life revolves around the sacrifices made to earn it. Something I have observed about you Asians. Every successes in Africa revolves around those individuals who work hard for themselves to earn it. The politicians in Africa are the criminals unfortunately.

[@lintran3211]

CORRUPTION is everywhere.....even in Commie States, you have to 'grease the palm of high officials', just like you see in KDramas.......lmao

[@meeu]

@@mikemondano3624 well, if you think corruption in those countries is beyond belief, wait till you hear about Bangladesh and other similar countries.

[@meeu]

@@mikemondano3624 well, if you think corruption in those countries is beyond belief, wait till you hear about Bangladesh and other similar countries.

[@blankneverlosegaming6374]

So basically, don't hide your debt (fraud) so that you don't end up overleveraging.

[@maximillianafrancine1451]

Thank you. Until your comment, I couldn't understand what the man is supposed to have done; even after watching the entire thing.

[@OctPSfever]

US Enron was same, the multiple accounting books and creative accounting with consulting firm. Enron built beautiful twin bldgs in Houston downtown.

[@ambition112]

1:26: 📈 The dissolution of Daewoo Group, the second largest conglomerate in Korea, caused a major economic shock in Korea. 13:45: 🔥 The indoor temperature reached up to 40-23 degrees Celsius during a summer construction project without air conditioning, causing discomfort and swelling for workers' feet. 27:06: 🌍 The interview discusses the challenges faced by Daewoo in the 1990s and the importance of globalization in the world economy. 39:50: 😔 The sudden crisis in South Korea's economy is causing concern and anxiety, with many worrying about the future. 49:17: 🗣 The speaker discusses the term 'chaebol dismantlement' and its impact on public opinion, highlighting the massive amount of fines imposed on Kim Woo-jung and the suggestion to send young people abroad for success. Recap by Tammy AI

[@mikemondano3624]

40° to 23° ? A lot of space for comfort there.

[@wengo44]

somehow it makes it sound like overworking people to death was a success story of this company but please stop with this none sense. rather than making that part of history, something to boast about, daewoo and all other corporations should apologize to their workers. it started a brutal and negative working culture that is so harmful to every human being.

[@wanr5701]

If they are wise and educated enough, they would read about King Henry IV and how he focus more on taking care of the people especially the peasants, giving rise to the phrase "chicken in every pot on Sunday" because the well being of the working people is the best indicator of the country's economy.

[@RidgeMu]

If they don't do that, Korea was difficult to grow. When you fall a sleep they worked, studied.

[@wanr5701]

@@RidgeMu to the point of no life, no well-being, nor no health? Everyone in Korea should work and study to the point of death for the company and country? What an educated view from a civilised society.

[@RidgeMu]

@@wanr5701 It's different now than it was back then.

[@wanr5701]

@@RidgeMu doesn't matter when. Should they have half-wits and half far-sighted vision about it they would put people's well-being, life, and health before the prestige and wealth. Educated. Very educated. 100% educated.

[@benkim2016]

My dad worked so hard and I rarely saw him at home except sundays in the 70s.

[@truth6242]

I admit Daewoo in Korea had the best coach buses I had ever seen anywhere in the world. Made the USA public coach buses look like garbage.

[@Darkest_matter]

public transport in the U.S. is garbage anyway.

[@shad0wCh8ser]

It doesn't matter how nice they make it in the US as it would be riddles with homeless ppl peeing on the floor while dropping used needles.

[@lintran3211]

didn't know homelss ppl could or would want to $pay$ for a bus coach ride.....if I was user, I would rather spend it on cheap drugs....Hmmm......LMAO...@@shad0wCh8ser

[@johnwhodat8135]

Taking bribe is normal in Korea from the top politicians to the teachers and everybody in-between.

[@edgarbarraca2885]

​@@shad0wCh8ser😅😅😅😅😅 drugs

[@truth6242]

He eventually took an extended vacation LOL

[@zamiyaFlow]

25:20 "If we make more money, all our problems will be solved" How did that turn out

[@sonnyjim783]

Greed has no limits!

[@FunkyKiwi7]

That's scary The military style lifestyle for all workers.. It's unfathomable

[@saikonihon2849]

아우! 아주 잘 만들었어요! 이런식의 다큐 너무 좋더라.

[@gizelop8481]

When you overwork people and making money means everything someone has to suffer and pay the price, your body, your family, your society with more suicide, more riches to a select few thus a looking down, neglecting the poor, become an unjust reason to because tyrants, abusers and when the bubble bursts , nobody is responsible for the mess

[@wanr5701]

King Henry IV of France always stressed the well being of its subject especially the lower income ones as they are the sign of how good the economy is, giving rise to phrase "chicken in every pot" during his rulership. Too bad government of Korea and chaebols didn't realise this despite how educated they are. What's wrong with sharing more wealth with the masses and sacrificing short term loss for long term prosperity, instead of consolidating wealth to the top few?

[@icac6122]

9 days and you have 9 likes. The world doesn't know how fucked it is

[@lintran3211]

y'all sound like SOCIALISTS or COMMIES....!?!?.....lmao

[@armathanya8000]

@@lintran3211And what’s wrong with that if it means more people having a share of the pie. It seems that modern times are no different from medieval times, only the terms have been changed with moderate changes … from serfdom to capitalism

[@firewatermoonsun]

Chairman Kim is one of the greatest business people in Korea's history. He was one of economic captains that were behind korean economic miracle.

[@fearless2782]

Does anyone know the name of this song? 18:00

[@yeoweehuathuat8926]

He was manipulative,worker work in bad condition n overworked!

[@xx133]

To be fair, that’s how capitalism is supposed to work.

[@squ34ky]

@@xx133 not really. Hence, the downfall. Capitalism will correct anomalies like that, right quick, and companies like Daewoo crumble. It's a self-correcting system.

[@Scho-penhauer]

Do you think the conditions are much better now?! 😆

[@xx133]

@@squ34ky huh? The company didn’t fail because the people were overworked… How do you explain Amazon or coal mining companies that literally work their workers to death? What about and companies like Nike that profit from slave labor. Or arms companies that profit from endless wars, or oil companies that profit from polluting our environment and driving climate change? Capitalism is a fundamentally exploitative economic system. There is no “self-correcting”-the company failed and wasn’t bailed out because their competitors could monopolize on their downfall by taking market share, acquiring assets for cheap, and driving down labor costs due to the increased unemployment in the sector. One of the other iron laws of capitalism is that it trends towards monopoly, which is why many countries have anti-monopoly laws, but instead allow oligopolies (~3 companies dominating a sector). It’s also worth noting, that if the entire sector had failed, the government would have bailed them out/introduced measures to save the industry-this is another iron law of capitalism. In the meantime, the workers consistently suffer. This is not new, it’s important to actually read the 300 year history of capitalism.

[@powbobs]

@@squ34ky Quick? LOL

[@lordwalker71]

I wonder how many of his employees he worked into an early grave.

[@nelsonc3984]

Much bigger sums have disappeared in the USA.

[@robertenglish3921]

Daewoo Motors was a South Korean automotive company established in 1937 as "National Motors". What is happening

[@kyungshim6483]

Even though Daewoo failed due to mismanagement, overexpansion and overleverage, Its assets were scooped up and redeployed in different ways by other Korean and foreign conglomerates. So Daewoo's failure was not a total loss. It was a casualty of capitalism much like Bear Sterns or Washington Mutual were during the global financial crisis which JP Morgan acquired. Survival of the fittest. Plain and simple.

[@gian19791]

It was absorbed and consolidated and merged 😊😮

[@shiro182]

​@@gian19791very succinctly said 😊

[@paulhan7770]

What are you talking about?? This was accounting fraud, man. He misrepresented the financial statements, causing all the investors and institutions to lose money.

[@LadyLawyerG]

Still not good for the overall economy

[@mikemondano3624]

Wow. I'd guess that you are not an economist. Or much interested in citizen welfare.

[@michael-cj8jr]

당시 한국인들 정말 열심히 일했고 당연히 희생했다

[@HolyEnchanta]

this guy would have been perfect for DPRK

[@MKISports]

Kim Il-Sung or Kim Jong-il would be like: "Nah, I'll pass..."

[@ciarankelly4338]

I lived and worked in Korea during some of those years and there were challenging times but have fond memories of Korean people and their hospitality to me and my family. I am happy to see Korea doing so well on a global stage and yes my son manages a Korean band!

[@jnssmnsn]

The korean people are great, the problem is the country only thinks about one thing... Money. That's why it's slowly dying right now.

[@kristinesharp6286]

Same penalties now for the same behavior.

[@rachelcheung2247]

Watching this is like watching the youngest grandchild of the Conglomerate by SJK. Maybe Chairman Kim is the real version of KYC :O

[@yokai_G]

This’s why NO other nation can do dramas like koreans do K.DRAMAS! 😅😢 And although we’re very grateful for all the K.Dramas ever made and to be made😅, koreans need to come out of their emotions and face the country’s problems like most of us (logical 1st) I often feel that koreans are too much into their emotions, their leaders know this very well and use it fully to their sickening agendas …😢 Oh, it’s truly sad but I fear as long as koreans continue to remain in their “emotions”, future leaders will continue to do what old and current leaders do 🥲 … same “periodical story” 😁☹️🥲 As for you K.DOC and the team behind attorney Lim Jaeseong, me still love you 🥰 🥰. Thank you for the true journalism ….😁

[@Sarah-pj4vo]

@12:10-13:05 ...When a young man asks about worker exploitation and the response is one of pretentious gaslighting and patronising dismissiveness...And he even leverages the accusation of 'being a horrible boss' to his advantage so as to diffuse or minimise the facts- pure narcisstic bully gameplay right there.....! And why do I feel that we might get a similar documentary about Samsung years down the line ? Or is Samsung really too big to fail...? I've read and watched content that it's around 20% of the S.Korean economy - if I am wrong, please be kind and civil about it. 🙏

[@noseefood1943]

Lol I actually had daewoo leganza 2000 - 2005 rip

[@phyxd2670]

Not surprised. Isnt the first time billions have vanished in s. Korea.

[@paulrh22]

I wander Chinese companies has less debt than Daewoo. Excessive debt is not desirable but it was perfectly OK in normal times. China learned it and it is paying for it now. In my opinion, if Daewoo survived, a lot of progress made China last 20 years could have been Korean instead.

[@freddy6990]

large debt with enough cashflow is OK. But if you are growing/expanding and cashflow is shaky, is a red flag

[@beljuarez64]

What are y'all talking about🤷🏽‍♀️ china owns half the USA 💁🏽‍♀️🤦🏽‍♀️😡😤🇺🇸

[@Milemione234]

China is similar to 1980s Korea. Low wages compared to developed countries, hard working, young energy, authoritarian dictatorship and corrupt businessmen and politicians.

[@Scho-penhauer]

Maybe you haven't heard about Evergrande, or the problems in China!

[@khongjkc]

Don't worry about China. As long as their country's corporations don't control their government, they will be fine

[@blandrooker6541]

So, I'm looking for the demons and Counters. Oh wait, this isn't a Kdrama, this is real life. 😜 Always wondered why so many Kdramas had the same themes of corporate corruption and the bad guys always get killed or imprisoned, now I know.

[@astrafaan]

I did assume their was no smoke without fire - and SO many of their dramas seem based around that

[@user-mg6kn3os6f]

I’m not surprised.

[@oluwoleodetola1626]

Can someone please help me with the book of Kim Woo Chong......Every street is paved with gold 😢😢 I need it desperately

[@Darkest_matter]

OHHHH i thought they defunct RECENTLY. google says since 1999, they've defunct. no wonder i've never seen their newer model of cars....

[@lordmmx1303]

the car at 50:43 is actually a Daewoo. It's called Daewoo Magnus Eagle, and it was built by Daewoo Motors between 1999 and 2007 when it was replaced by Daewoo Tosca.... It was a worldwide model, sold as Suzuki Verona in USA or Chevrolet Evanda in Europe. Tosca was built until 2011 [2014 in China] and sold worldwide too, as Chevrolet Epica in Europe or Holden Epica in Australia... So there were newer models of their cars. Just rebranded outside Korea. Chevrolet Aveo is Daewoo Gentra, or Chevrolet Lacetti is Daewoo Nubira. And most known model Chevrolet Cruze is actually Daewoo Lacetti Premiere.

[@gilberttello08]

Hello from Philippines

[@Liztastaney7]

This is the exact financial literacy everyones talking about. Anyone can get rich to hardwork but to become multi rich you gotta eat a lot of competition n lot of blackmoney. Its never a good way to live life really.

[@angloedu5499]

The US stands because of the Reserve Currency status. Today, Russia, China, North Korea, and BRICS are starting a competitor to the status. It will get very ugly for many developed nations and even uglier for the BRICS signatorees.

[@polokucoch8112]

What time period was this?

[@angloedu5499]

1967-1997.

[@polokucoch8112]

@@angloedu5499 Thx

[@brook3518]

Can someone just make a conclusion of this story

[@kajimakami5805]

Before i know Kdrama or k pop korean well-known about the strike by his worker..every month there are many news about the strike and picket..starting 2002 my first Korean drama is winter sonata..i coming from advertising company who printed the ads for the drama..and the pic from nami island winter and autumn fascinating me...and after 2 years than i watch the drama in full episod

[@miriareu]

Wow great drama. It was also one of my first kdramas.

[@shiro182]

Wow that's so cool your company printed the ads for it. You got to help with such a popular show's promotion.

[@Darkest_matter]

the bit where they're talking about the working (around 5 minute mark) REALLY reminds me of their close cousins in the north.

[@kimchigook6673]

nozzang the legend 22:23

[@janjust4205]

So true NOW mentality- make me happy NOW! Don’t care 🤷‍♀️ what- just give me whatever- even if I can’t afford I want/need - debt 💸 is like a sinking hole- don’t know when to stop- 😔

[@hmasyarra]

Is this a K-drama?

[@FUBBA]

Daewoo made firearms so this is concerning.

[@suemmusic]

Now Daewoo's Rifle K1, K2 are manufactured by military company SNT Motiv. Don't worry

[@sangkang6294]

결국 회사를 말아먹고 사기친 사람이다.

[@LadyLawyerG]

Billions stolen or Billions inflated on the book. Either way.. this was Bad Bad😫

[@angloedu5499]

Actually, tiny amounts compared to Lehman Brothers, Toshiba electronics, Société General Bank of France, Credit Suisse, The Barclays Trade scandal, Silicon Bank, Republic Bank, Enron, and now Crypto currency fraud....Three Arrows coin traders, Germany’s Wirefraud Scandal, and the largest coin scandal to date.....FTX and Samuel Bankman Fraud and his partner Robin Ellison.

[@benkim2016]

He was so frugal before he embezzled billions of dollars. His son died in a car crash as his car was an old second hand vehicle! Daewoo was helping Vietnam economy with factories even before Sam Sung!

[@miriareu]

Always hiding the truth.

[@shiro182]

I'm stunned. I'm in the US and have quite a few of their products. They've been around forever.

[@hihellokitty85]

They still exist in diff form(s). Apparently Target in US still sells Daewoo products.

[@shiro182]

@@hihellokitty85 Thank you for that (: I'll be sure to look around Target then.

[@kellyjojo5428]

Omg this is always happening in korea

[@WksKsl-kx8mf]

U think your country not? Or have not?

[@SoloYolo84]

Very political involved disgrace daewoo looks like Samsung is next

[@susanjordan4516]

Pray for the people of Korea

[@weidles]

Are we talking about North Korea? or is this South Korea, judging by the harsh working conditions I thought North. LG has never given me a problem with, a TV, Double oven, Stove, Refrigerator, or even a washer and dryer, going on between 8 and 16 years now.

[@rhonda5056]

Bought a Daewoo dehumidifier and it did not last a year.

[@angloedu5499]

Probably made in C H I N A.

[@carlosz7208]

That couldn't have been an elevator in Korea. Koreans will push past a stroller and baby just to be first.

[@angloedu5499]

People in Tesla’s have been known to drive on highways while sleeping in the back seat. Really.

[@angloedu5499]

The stroller doesn’t blow up and burn for three days nonstop. The Tesla on the other hand is a different story if your known to try and pass them with a sleeping driver.

[@choosesomethingfun5608]

$43.4 Billion gone? Has Hunter been doing 'business' there too?

[@kimsuncha]

money does not make you live forever love of money is always poor with money and do not know how to use sensible way. stop buying name brand crab because someone else has it and stop being a copy robot whoever you are

[@raidenneo9370]

Its always the Big that lose, the small always win, wanna know why, don't need to, cuz small hard to crush, hard to find, and hard to be done for. Iam small, and im efficient, no Big in front of me so far that can suffocate my life. N O N E of'em.

[@Milemione234]

RIP Daewoo 1967- 1997

[@LmiFashionCollection]

Now if u wondering how korea is doing it's slowing down as many other developing countries taking it over, korea will remain on top though till they have tech superiority.

[@_h4t3]

crazy³

[@dan020350]

no comment

[@jenelleandiso2513]

😬

[@T1M6]

How is girls having plastic surgery relevant ?

[@angloedu5499]

The parts were made by Daewoo back in the 1980’s.

[@nsrhond6848]

1st

[@Sanismom]

Second

[@Scho-penhauer]

I see Korean girls looked homely before the era of plastic surgery 😆

[@powbobs]

Korean women aren’t allowed to look Korean in Korea.

[@user-us1fx9gm2z]

Hahahahahahahahah

[@broxxad]

You could say that to any developed countries tho, including US. You have no idea how many women here have plastic surgery, from a simple nose jobs, fillers, to carving their entire face.

[@jdbrown1964]

I just don't like the capp that alot K put off like they were born that light with Eurocentric features. Like stop!

[@Outbackbogan]

​@jenmonami3596 and your speaking from your sex change experience no doubt 💯 😅😅😅

[@harman.s]

North Korea 2.0!

[@GEMSDIGANDCOLECTORINDO99]

Third places

[@gizelop8481]

Without GOD you have achieved in vain, for things that perish, where is the love of family, the time for your creator, believe in the GODof the Bible of Israel for the end of time is approaching and GOD who wants to give Koreans eternal life, want you Koreans to call on His name, Jesus.

[@powbobs]

Take your meds.