43:(family-owned business conglomerate) in 1995, up from 28th in 1994. Hanbo was initially a small steelmaker that began building a huge plant in 1992, funded with high interest rate loans. The failure of Hanbo took place at a time when the authorities, influenced by the ideas of some reformers who opposed the concentration of economic power in
65:, was sentenced to 15 years in jail for giving bribes, embezzlement and fraud. Chung had previously been convicted of bribing officials: in 1991 to rezone a greenbelt around Seoul to permit a Hanbo Construction apartment complex, and in 1996 for giving $ 16 million to then-President Roh Tae Woo's slush fund.
103:), and exposing South Korea's economic weaknesses and corruption problems to the international financial community. Hanbo was one of the first in a series of at least ten large South Korean conglomerate bankruptcies that occurred during this period (involving major companies like
31:(ν보그룹) conglomerate, then South Koreaβs second biggest steelmaker and 14th biggest conglomerate based on the book value of their assets. The resulting scandal in the first half of 1997 has been described as one of the largest in South Korean history.
87:, was arrested in a related investigation and sentenced to three years in October 1997. Hong In Gil of the then ruling New Korea Party received a seven-year prison sentence.
54:, primarily through loans issued by banks under pressure from bribed high-ranking politicians and bankers. Losses were estimated at US$ 6 billion. Hanbo's founder,
417:
582:
68:
The son of Hanbo
Chairman Chung Tae Soo, Chung Bo Keun, was given a three year sentence. Eight other prominent figures, including former Home Minister
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In domestic Korean politics, the involvement of the son of Kim Young-sam in the scandal undermined his father's reforms and anti-corruption campaign.
112:
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Following a trial, in June 1997 the court said Hanbo Steel received illegal preferential treatment from the government of Korean president
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115:). The domino effect of collapsing large South Korean companies drove up interest rates and drove away international investors.
27:) refers to the late-1990s events involving corruption by senior South Korean government officials and top executives of the
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downgraded the long-term ratings of three Korean banks having the most exposure to Hanbo Steel:
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Capital
Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences
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The scandal is seen as contributing to the Korean economic troubles of that time (see also
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Submitted for a TI Workshop on
Corruption and Political Party Funding in la Pietra, Italy
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365:"The IMF and Recent Capital Account Crises: Annexes - Nonfinancial structural reforms"
39:
Hanbo Corp. went into receivership on 28 January 1997. It was the 14th largest Korean
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51:
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398:
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72:, several presidential aides and parliament members, and two former presidents of
363:
Barnes, Kevin; Mansoor, Ali; Cohen, Benjamin; Takagi, Shinji (3 September 2003).
452:
104:
399:"South Koreans sentenced in loan scandal: Hanbo founder gets 15-year term"
328:"The Fall of Hanbo Steel: Korea picks up the pieces β and points fingers"
347:"Policy Advice and Actions during the Asian and Global Financial Crises"
108:
453:"S. Korea president's son sentenced for bribes β Oct. 13, 1997"
545:
Cho, Hee-Yeon; Surendra, Lawrence; Cho, Hyo-Je (2012-11-12).
167:
Curbing
Corruption in Asian Countries: An Impossible Dream?
548:
Contemporary South Korean
Society: A Critical Perspective
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233:"Hanbo Steel Founder Given 15 Years in Korean Scandal"
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were also handed sentences. The son of the president,
265:
Avoiding the
Apocalypse: The Future of the Two Koreas
196:"Hanbo Scandal Highlights Failings of Kim's Crusade"
352:. Peterson Institute for International Economics.
47:, began to allow large corporate bankruptcies.
418:"Report on Recent Bribery Scandals, 1996-2000"
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170:. Emerald Group Publishing. pp. 307β308.
16:1990s corruption scandal involving Hanbo Steel
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479:. University of Chicago Press. p. 503.
380:"Korea Scandal Figure Locks Up at Hearing"
268:. Columbia University Press. p. 206.
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501:"Hanbo Scam A Case For Financial Reform"
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473:Sebastian Edwards (15 February 2009).
7:
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583:Political scandals in South Korea
300:. World Scientific. p. 305.
164:Jon S. T. Quah (21 July 2011).
101:Asian financial crisis of 1997
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378:Efron, Sonni (8 April 1997).
345:Johnson, Simon; Kwak, James.
294:John Malcolm Dowling (2008).
262:Noland, Marcus (2000-06-01).
397:Jie-Ae, Sohn (2 June 1997).
416:Blechinger, Verena (2000).
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578:1997 crimes in South Korea
551:. Routledge. p. 152.
113:a major corruption scandal
111:; the latter also part of
588:Corruption in South Korea
120:Moody's Investors Service
124:Korea Exchange Bank
238:The New York Times
194:Schuman, Michael.
118:In February 1997,
506:Business Standard
486:978-0-226-18499-9
384:Los Angeles Times
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527:. 1997-03-06
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29:Hanbo Steel
572:Categories
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205:2018-08-28
141:References
105:Kia Motors
25:Hanbogate
332:Asiaweek
593:Chaebol
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41:chaebol
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367:. IMF.
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109:Daewoo
95:Impact
35:Events
455:. CNN
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