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.
Bangladesh–South Korea relations In South Korea, there are more than 13,000 Bangladeshi foreign workers in the country. A significant number of them are temporary immigrants. This has led to prejudice towards Bangladeshi expatriates, an issue recently tackled by the 2009 South Korean film "Bandhobi", directed by Sin Dong-il. Bangladesh–South Korea relations Bangladesh–South Korea relations Bangladesh is one of the many countries that has established diplomatic relationships with both the Koreas. Official diplomatic relations with the Democratic People's Republic of Korea (North Korea) was established in 1973. In 1974, South Korea opened its embassy in the capital Dhaka while her counterpart did so in