Daewoo

Founded March 22, 1967 by Kim Woo-choong as Daewoo Industrial with $10,000 borrowed capital, Daewoo (meaning 'great universe') became South Korea's fourth-largest chaebol. Starting as a textiles trader, the company expanded into consumer electronics, telecommunications, automobiles, shipbuilding, and heavy industry. At its peak in 1995, Daewoo achieved $57 billion in sales across 25 companies operating in 100 countries. The electronics division produced televisions, audio systems, and hi-fi equipment, nearly acquiring France's Thomson Multimedia in 1996 to become the world's leading TV manufacturer. However, the 1997 Asian financial crisis exposed massive debts, leading to bankruptcy on November 1, 1999 with $50 billion in liabilities. Founder Kim Woo-choong fled to Vietnam, was later sentenced to 10 years for embezzlement and fraud. While some Daewoo brands survive under new ownership, the original conglomerate represents one of Korea's most dramatic corporate collapses.