Daewoo founder sentenced to 10 years in $42b fraud

Kim Woo Choong, the Daewoo Group founder who surrendered to authorities after six years on the run, was today sentenced to 10 years in prison for his role in a $42 billion fraud. Kim, 69, who arrived at Central District Court in an ambulance, will remain hospitalized unless he recovers from illnesses including heart disease, Judge Hwang Hyun Ju said, according to a transcript. The judge ordered him to forfeit about $22.5 billion, ending the country’s biggest fraud case.