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.
Chaebol than riskier debt. This is because the new transparency laws and restructuring boosted investor confidence from abroad. Laws were passed to limit the expansion of chaebol: Formally, the Korea Fair Trade Commission (KFTC; 공정거래위원회;公正去來委員會) announces a limited chaebol list every year as size of industrial assets (not including financial companies). Chaebol with limited assurance (상호출자제한기업집단;相互出資制限企業集團) The following charts list chaebol in order by different categories. Chaebol A chaebol (; ) is a large industrial conglomerate that is run and controlled by an owner or family in South Korea. A chaebol often consists of a large number of diversified affiliates, controlled