The former head of the collapsed Daewoo conglomerate was among 75 convicted criminals to be pardoned Monday by outgoing South Korean President Roh Moo Hyun.Kim Woo Choong, 71, Daewoo's founder and chairman, was convicted of embezzlement and fabrication of financial documents at the company, which was involved in electronics, heavy machinery, shipbuilding, securities, telecommunications and construction.
The debt-laden firm collapsed in 1999 in the aftermath of the Asian financial crisis at a time when it was South Korea's second-largest company. Kim was accused of masterminding 41 trillion won (nearly 44 billion dollars) in accounting fraud and taking out 9l8 trillion won in illegal loans.
He was convicted in May 2006 and sentenced to 10 years in prison. In November 2006, an appeals court reduced his sentence to eight and a half years. The other people to receive pardons announced by the Justice Ministry included politicians, business leaders and government officials. Six death row inmates also had their death sentences commuted to life terms, the ministry said.