Daewoo in Israel

Daewoo, a South Korean financial and industrial group founded in 1967, was one of the largest corporations. Daewoo manufactured electronics, home appliances, cars and weapons. Daewoo Group consisted of about 20 subdivisions and was the second largest conglomerate in South Korea outstripped by Hyundai only. However, in 1999, Daewoo was liquidated by the South Korean government. Daewoo’s automobile division was acquired by General Motors and in 2011 the latter announced that due to the extremely ambiguous reputation of the corporate group in South Korea stemming from high-profile financial scandals and fraud, GM had refused to use the Daewoo name.