AFP (Enlarge photo)

SEOUL (AFP) South Korean prosecutors said on Wednesday they have discovered hidden assets of the founder of the Daewoo group, which collapsed in 1999 in one of the world's largest corporate failures.

They said Kim Woo-Choong had used borrowed names to conceal shares in local firms, but declined to confirm a media report that the hidden assets were valued at 144 billion won (140 million dollars).

Prosecutors have tried to track Kim's hidden assets since he was convicted in 2005 of embezzlement and accounting fraud after returning from six years of exile overseas.

In November 2006 an appeal court upheld Kim's convictions and sentenced him to eight and a half years in prison. He was also ordered to forfeit 17.9 trillion won (now 17.13 billion dollars) and pay 10 million won in fines.... // AFP

SEOUL (AFP) South Korean prosecutors said on Wednesday they have discovered hidden assets of the founder of the Daewoo group, which collapsed in 1999 in one of the world's largest corporate failures.

They said Kim Woo-Choong had used borrowed names to conceal shares in local firms, but declined to confirm a media report that the hidden assets were valued at 144 billion won (140 million dollars).

Prosecutors have tried to track Kim's hidden assets since he was convicted in 2005 of embezzlement and accounting fraud after returning from six years of exile overseas.

In November 2006 an appeal court upheld Kim's convictions and sentenced him to eight and a half years in prison. He was also ordered to forfeit 17.9 trillion won (now 17.13 billion dollars) and pay 10 million won in fines.... // AFP