What is the reason for the disillusionment of Daewoo myth?

in p>1993, Jin Yuzhong put forward the slogan of "world management". Greedy Daewoo set foot in too many industries: automobile, shipbuilding, television, piano, aviation accessories, optical cable communication and so on. Among them, Jin Yuzhong's biggest dream is to make Daewoo the overlord of the world automobile industry, and Daewoo subsequently established several automobile factories in Poland, Ukraine, Iran, Vietnam, India and other countries. However, just when Jin Yuzhong's dream of car was in full swing, but it was far from profitable, the Asian financial crisis broke out in 1997. At this time, in order to provide funds for his global expansion, Jin Yuzhong had borrowed 2 billion US dollars, and Daewoo's debt crisis broke out in an all-round way. Under the pressure of the government, Daewoo launched a series of contraction plans, but doubled its bets on the automobile business, not only taking over Ssangyong Motor and Samsung Motor, but also continuing to push forward its plan to become an international automobile giant. In 1998, Daewoo's main lending bank, the state-owned Korea Development Bank, refused to make further additional loans. Daewoo had to raise $13.5 billion in short-term debt funds by issuing a large number of high-interest bonds and commercial papers, and then the South Korean government banned this practice of issuing "IOUs" in large quantities. In 1999, when Jin Yuzhong used his personal property for mortgage financing, the government financial supervision committee publicly warned all citizens to pay attention to preventing possible criminal acts, and the bonds issued by Daewoo were also listed as post-guarantee bonds. Jin Yuzhong's efforts to save Daewoo were a complete failure. In August 1999, Daewoo declared bankruptcy and the South Korean government took over Daewoo. Jin Yuzhong once said that "the loss of honor means the death of social life". In the end, he chose a disgraceful way to leave-escape. In October 1999, after attending the opening ceremony of three auto parts factories in Yantai, China, Jin Yuzhong did not return to Korea, but went to Tokyo, Japan, and began his escape life.