Daewoo the world. Throughout this period, Daewoo experienced great success at turning around faltering companies in Korea. In the 1980s and early 1990s, the Daewoo Group also produced consumer electronics, computers, telecommunication products, construction equipment, buildings, and musical instruments (Daewoo Piano). Daewoo Group ran into deep financial trouble in 1998 due to the 1997 Asian financial crisis, increasingly thin relationships with the Korean government under President Kim Dae Jung, and its own poor financial management. With the Korean government in deficit, access to cheap and nearly unlimited credit was severely restricted. In 1998, when the economic crisis forced most of the
Daewoo Motors produce Matiz and Lanos under their own trademark. When making a joint venture with the Polish company Fabryka Samochodów Ciężarowych (FSC) in 1995, Daewoo also created Daewoo Motor Polska which produced the Daewoo Lublin van and the Daewoo Honker pick-up truck, based on the former Tarpan Honker. Daewoo Motor Polska and the British van manufacturer LDV developed together during this period of time the Maxus van and, after Daewoo Group's bankruptcy, LDV secured the exclusive rights to the vehicle, purchased the tooling and moved it from Daewoo's plant in Poland to the LDV site in Birmingham. FSC was then sold