Chaebol General Motors and Renault. The chaebol debts were not only to state industrial banks but also to independent banks and their own financial services subsidiaries. The scale of the loan defaults meant that banks could neither foreclose nor write off bad loans without themselves collapsing, so the failure to service these debts quickly caused a systemic banking crisis, and South Korea turned to the IMF for assistance. The most spectacular example came in mid-1999, with the collapse of the Daewoo Group, which had some US$80 billion in unpaid debt. At the time, it was the largest corporate bankruptcy in history.
Women in South Korea company of its size. Samsung has also stated that it aims to have at least 10% of its executive positions to be held by women. In 2013 Kwon Seon-joo became South Korea's first female bank CEO, as the CEO of state-owned Industrial Bank of Korea. Prostitution in South Korea is illegal, but according to one estimate, brothels, bars, massage parlors, discos, and what are known as "Taiwan style" barbershops (that is, those often employing a greater number of masseuses than barbers) employed as many as 1 million women, though not all were prostitutes. This underworld of abuse and exploitation has