Mirae Asset Daewoo Securities cars and ships and operating steel works. The South Korean state encouraged large and paternalistic conglomerates to use their capital to expand into unrelated businesses, protected by high tariff barriers and arcane regulations. In this way the car and steel giant Daewoo branched out into dealing in securities. In the 1990s this strategy hit problems as South Korea opened its markets to foreign competition and at the same time the founders of these conglomerates grew too old to run their creations and passed the reins on to their less focused children. Daewoo Securities was spun off from the Daewoo Corporation
Daewoo Motors the investment group Odien Capital Partners and in October 2006, the division of light trucks moved under the concern of Ashok Leyland of India, becoming Avia Ashok Leyland Motors Company (AALM). In 1998, the low-volume assembly of the Lanos, Nubira and the Leganza started in Taganrog, Russia, at the TagAZ-Doninvest factory The cars were sold on the local market under the Doninvest brand, as the Assol, Orion and Kondor respectively. The project did not have much success, so TagAZ turned to Citroën to produce the Berlingo, and Hyundai to produce the Accent. Following the General Motors buyout in 2002, Daewoo