Fallen Daewoo chief removed

Fallen Daewoo chief removed

SEOUL (AFP): Daewoo Group founder Kim Woo-Choong has been officially removed from the management of three of the group's major subsidiaries, including his cherished auto firm, officials said Thursday.

The move came on Tuesday just as Kim, chairman of the failed conglomerate, bade an emotional farewell to staff in which he apologized for the management errors which led to the group's spectacular collapse.

Officials at Daewoo Motor Co., Daewoo Corp. and Daewoo Heavy Industries confirmed that chairman Kim Woo-Choong was officially struck off the management lists of the three companies as of Tuesday.

The three companies are among the 12 Daewoo units placed under emergency debt rescheduling programs by creditors. Debt-ridden Daewoo promised to shed 12 of the 25 units in its business empire in a bid to avert bankruptcy.