A labor union is angry about Daewoo Motor Co.'s planned layoffs and plant closings. The union has sent three men to find and return Daewoo Chairman Kim Woo-Choong to Korea. His whereabouts are unknown since he left the country 18 months ago.
Kim is wanted for falsifying balance-sheet figures. Several former presidents of Daewoo units, including former Daewoo Motor President Kim Tae-Gou, have been arrested on similar charges.
Unionists are furious over the way the government and management have handled Daewoo's problems.
'Innocent workers always end up as the victims of (government's) stupid and indifferent restructuring measures. Daewoo laborers have received just three months' salary since August last year,' explains union spokesman Choi Jong-Hak.
Daewoo's main creditor, the Korea Development Bank, says that additional rescue funding will be cut if unions block the layoffs. Daewoo's problems are massive: It is estimated that Korean banks stand to lose billions of dollars if Daewoo closes its doors. Daewoo's monthly losses are estimated at 150 billion won ($120.6 million) per month. The company executives and workers have not been paid for several months, and 22 parts suppliers have gone bankrupt.