Renowned Businessman Kim Woo Choong,  who is also the former leader of South Korea’s second largest conglomerate Daewoo, is dead.

According to the Daewoosky Institute website, it was reported that Kim died as a result of a chronic illness.

It was also discovered that the Daewoosky Institute is an organisation for former employees and managers.

Kim who died at the age of 82, was once considered South Korea’s flagship manager, before his death.

Going memory lane to Kim’s enterprising history, in 1967, he businessman laid the foundation for his economic empire with $5,000 and a small textile company.

In May 2006 He was sentenced to 10 years in prison for embezzlement, accounting fraud and other offences, surrendering to the authorities after six years on the run.

In November 2006, an appeal court reduced the sentence to 8.5 years.

At the end of 2007, Kim was pardoned. His prison term in late 2006 got special amnesty, resulting into a suspension of the term, because of his poor health.

The group collapsed in the late 1990s under a debt of about $80 billion.