Kim Woo Choong was detained by South Korean officials after five years on the run.
Their worry? That Kim may confess to bribing key political figures while struggling to find loans to keep Daewoo Motor Co. and its parent Daewoo Group afloat in 1997 and 1998.
When the companies foundered, Kim, chairman of Daewoo Motors, disappeared in October 1999 after attending the dedication of an auto parts plant in China. He hid overseas for more than five years until he flew in from Vietnam on Tuesday, June 14.
Kim, 68, was met at the airport by police and taken immediately for questioning. He was arrested two days later.
Prosecutors say that since arriving, Kim has admitted that he directed employees to inflate corporate assets by billions of dollars in order to obtain billions of dollars in loans fraudulently from government-controlled banks. No admissions of bribery or political shenanigans have been disclosed. But prosecutors say the investigation is just beginning.