Daewoo (Korean for "Great Universe") was a major South Korean chaebol (conglomerate). It was founded in March 22, 1967 as Daewoo Industrial and was dismantled by the Korean government in 1999. On May 30, 2006 the founder of Daewoo, Kim Woo-jung, was sentenced by a court in Seoul to a fine of approximately 22 billion Won and 8 1/2 years in prison on charges including fraud and embezzlement.